Twenty7tec has revealed that last month saw a significant increase in the number of searches for purchase mortgage deals that were carried out using its platform in comparison to the previous month.
The number of searches for purchase deals that mortgage advisors conducted on Twenty7tec during May was 7.9% higher than the total for April. A large part of that increase appears to have been driven by first-time homebuyer and self-employed clients. Searches on behalf of the former rose by 7.7% last month, while for self-employed people, May marked the second busiest search month since the platform was launched.
There were also increases for both remortgage searches, by 11.1%, and buy-to-let ones, by 7.7%, suggesting a positive prognosis for the market going forward.
Fixed two-year loans accounted for a much higher percentage of the fixed deals advisors searched for at 42.76%, compared with 22.37% in the same month last year. Meanwhile three and five-year fixes went down in search popularity.
Twenty7tec director Nathan Reilly told Financial Reporter that the multiple bank holidays in May had not affected activity levels, before going on to state that:
“Some of the drop in activity that we experienced in April was recovered but we’re expecting a bank holiday-free, pre-summer holiday June 2023 to see activity rise even further.”
Reilly pointed out that it would be necessary to wait to find out if the increased searches led to rising numbers of mortgage applications.
Those who have CeMAP mortgage advisor training will be encouraged by an increase in purchase loan interest.
