Twenty7Tec reports record search high for January

January 20, 2023 by Brendan O'Neill

Surveys and Statistics

Twenty7Tec has reported that the newest data for its platform shows that mortgage advisors have conducted a higher number of product searches during the first week of January than at the same point in any previous year.

The latest figures that the company has issued show that the total number of searches carried out by advisors during the opening week of the month rose by 14.8% in comparison with the same period in 2022. That meant a total search number for the week of 375,120, which is the highest for that week in January since the platform was launched.

It is searches for remortgage products that have seen the highest rise, as these went up by 32.6% compared with January 2022. This fits with expectations among advisors that remortgaging would be a significant source of business for them this year.

However, there was also a smaller increase in the total number of searches for purchase loans; this increase was 2.3% in comparison with the first week of last year. Speaking to Financial Reporter, Twenty7Tec director Nathan Reilly stated that:

“This is the first time that the first week of the year has come close to parity between remortgages and mortgage searches. Mid to late December was quiet and the rebound this week will be welcome news to advisors.”

He went on to add that the demand for remortgaging would be keeping them extremely busy.

This will also ensure that demand for the CeMAP courses needed to become advisors remains at a high level at the moment.