The latest search statistics from the firm for November found that these longer fixed rate deals accounted for just 19.1 per cent of searches, the lowest proportion in two years.
By contrast, searches for two-year fixed rate deals account for almost half (47.54 per cent) of fixed product searches.
The data found that interest in purchase borrowing was largely unchanged from October, with almost 673,000 searches taking place. However there was a striking jump in remortgage demand, with searches increasing by 9.9 per cent over the month.
That’s more than double the 4.8 per cent increase in overall searches seen in November.
First-time buyer searches down
Interest from first-time buyers dropped in the month. Searches for first-time buyer products reduced by 1.3 per cent, so that they account for just 17.5 per cent of all searches.
By contrast there was increased interest from landlords, with buy-to-let searches up by 1.61 per cent. This was far more pronounced in the capital ‒ buy-to-let searches for London jumped by 11.1 per cent compared with October.
Nathan Reilly (pictured), director at Twenty7tec, said that the jump in remortgage and buy-to-let searches meant that the firm had already surpassed last year’s totals.
He also noted the increase in mortgage products since the latest Bank of England base rate decision, to a new high for the year at 18,625, which he called a “marked improvement” on the lows back in July when there were fewer than 13,500 deals from which to choose.
