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Another rise in remortgage searches

Twenty7tec has released new figures showing that last month brought a rise in the number of mortgage product searches, with remortgage searches in particular spiking.

The mortgage tech platform has stated that June saw the second highest number of overall searches. In total, there were 1,747,323 searches by advisors using the platform, compared with the record of 1,852,718 during March of this year. The number of remortgage searches rose by 21.9% during June compared with the figure for May, taking them to their highest level ever for a single month.

That was not the only area of the market to see searches rise throughout June though. When it comes to purchase loans, there was a 0.6% rise in the number of searches that advisors did using Twenty7tec. Searches for buy-to-let products also went up, by 11.1% in comparison with May.

Among fixed products, it was two-year ones that were the most searched for. 42.62% of searches were for these mortgages, with 33.69% of them being for five and three-year fixes. 23.69% of searches were for ten and five-year fixed mortgages, which perhaps reflects the economic insecurity right now.

Twenty7tec director Nathan Reilly told Financial Reporter that:

“June 2023 saw the Bank of England raise rates further. The market seemed to have priced it in ahead of time and so the week before the rise was very busy, as was the week after when thousands of product changes were made.”

Those with the CeMAP mortgage advisor qualification will have been expecting a rise in remortgaging enquiries.

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