Twenty7tec reports August drop in mortgage searches

September 12, 2024 by Alan

Surveys and Statistics

The latest statistics to be released by Twenty7tec indicate that last month brought a drop in the number of searches for purchase mortgage products, but that the annual situation remains bright.

Over the course of August, there were 5% fewer searches by mortgage advisors for purchase loans using the platform, compared with July. There was also a drop of 13.1% in the number of searches for remortgage deals, in comparison to the month before. When the situation is viewed from an annual perspective, however, the picture looks a lot brighter.

Twenty7tec also evaluated the number of searches for mortgage products that advisors carried out on the platform this August in comparison to the same month last year. The results show that there was a rise of 22.52% in the year-on-year number of these searches.

Therefore, although search numbers on the platform fell during August across all types of product, compared with July, the situation in comparison to last year looks healthy. Speaking to Mortgage Strategy, Nathan Reilly of Twenty7tec stated that:

“August was, ironically, a cooler market than July. But we saw figures that compare favourably with August 2023 and so the year’s momentum is still very positive.”

Reilly then went on by saying that the platform was on target to break its record for the total number of mortgage product searches by advisors within a single year.

It is unlikely that many of those with CeMAP mortgage advisor training will be too concerned by a monthly drop, when the annual comparisons are so positive.