New figures released by Twenty7Tec reveal that there was a rise in the number of mortgage searches during May, but that the number of available products fell.
The number of searches conducted by mortgage advisors using the Twenty7Tec platform rose across every type of mortgage compared with April. However, they did not quite reach the heights of March, with the bank holiday in May being named as the primary cause of that. Equally, the slowdown during April has been attributed to the effect of the Easter holiday.
May brought a rise of 10% in the number of searches on Twenty7Tec for products aimed at first-time homebuyers, while the month also saw the platform enjoy four of its busiest ever days for self-employed product searches.
However, although there is still a high level of demand for mortgages, as evidenced by the number of searches advisors are carrying out, the number of available mortgage products fell again in May. Over the course of the month, 5% of the total number of products vanished, leaving the market with just 87.5% of the product numbers it had before the start of the Covid-19 crisis.
Speaking to Financial Reporter, Nathan Reilly from Twenty7Tec said:
“June 2022 is going to be an incredibly interesting month for product availability after two consecutive months of product volumes dropping. That statistic is often a bellwether for mortgage market confidence.”
Advisors with CeMAP training will have to use that expertise to locate specialist lenders to try to meet the demand.
