Twenty7tec has revealed that the number of searches by mortgage advisors for remortgage products during March of this year was the highest for one month it has seen since the launch of the platform.
Research into the use of the platform conducted by Twenty7tec has also found that nine of its busiest ever months for remortgage product searches have occurred during the previous 12 months. Last month saw the number of these product searches go up by 69.3% in comparison to the same month three years ago – which was when the first COVID-19 lockdown began.
It fits with the expected pattern for the year, as inflation and subsequent rising living costs are leading more borrowers to seek remortgaging deals when they come to the end of fixed loan periods. Speaking to Financial Reporter, Twenty7tec director Nathan Reilly stated that much of the action within the mortgage market last month was focused around remortgaging.
He then went on to add that:
“We set some new records and it compares favourably to some of the other major remortgaging milestones we’ve seen over the last couple of years.”
Reilly then pointed to the disparity between remortgage searches, which produced nine of Twenty7tec’s busiest months ever, and purchase product searches, which only produced two of the busiest months ever over the past year.
These figures will make it even clearer to anyone who has done the CeMAP training course that remortgage work is going to account for a great deal of their activity during the remainder of this year.
