Data shows November advisor searches dominated by remortgages

December 16, 2023 by Alan

Mortgage Advisors

The latest monthly advisor search data to be issued by Twenty7tec reveals that remortgage products dominated searches during the course of last month, leading to an overall rise in the search total.

There was a 10% rise in the volume of searches for remortgage options using Twenty7tec, which amounted to a total of 703,297. That helped to ensure that the search platform enjoyed a rise of 4.8% in mortgage advisor searches compared to October. The total number of searches conducted using Twenty7tec last month was 1.4 million.

Searches for purchase mortgage products remained static throughout the month, at 672,288, while there was a 1.6% increase in the number of buy-to-let product searches. That took them to 260,694, but there is little question that it was the big jump in remortgage search numbers that kept the overall total buoyant.

November saw a fall in the number of searches that advisors carried out on behalf of people looking to buy their first home. These fell by 1.3% compared with the month before.

In terms of the rates, it was fixed two-year loans that made up the lion’s share of the searches. They were 47.54% of the total number.

Nathan Reilly of Twenty7tec pointed out that the rise in buy-to-let and remortgage searches meant that the platform had already exceeded its total search numbers for last year, despite purchase searches not increasing.

Many advisors who have done the CeMAP course will see remortgaging as preferable to product transfers for clients who are struggling with rate rises.