Twenty7Tec has released its latest figures looking at the number of mortgage searches that were carried out in the UK during June, and the results indicate that there is reason for the industry to be hopeful.
The new data issued by the mortgage tech provider reveals that the total number of UK mortgage searches for June was over one million, marking the first time it has passed that milestone since the start of the Covid-19 lockdown. There were 1,174,659 mortgage searches in total last month, which represents a significant rise in comparison to the May total of 683,078.
Furthermore, the outlook is also more positive in terms of house buying and selling, as a majority of the June mortgage searches were people seeking purchase mortgages, with these accounting for 63.8%. In comparison, purchase mortgage searches made up just 47.53% of the total number during May. This indicates that increasing numbers of people are looking to buy a home now that the property market is reopening following seven weeks of lockdown.
Speaking to FT Adviser, Twenty7Tec sales director Phil Bailey said:
“Remortgages were almost the only game in town during lockdown, at one point representing 75% of the total mortgage searches.”
The figures also reveal that demand for mortgages with high loan-to-value (LTV) is outstripping supply, with these loans accounting for just 2.5% of all available products, but 16.4% of the searches.
Advisors with CeMAP training will be pleased to see mortgage searches rising, but lenders need to re-launch their high LTV products.
