The report for November issued by mortgage technology provider Twenty7Tec shows that the month brought the second highest number of searches for mortgage products in the last two years.
This Twenty7Tec monthly report for November shows a spike in the searches for these products that led to the highest total for the last two years, except for March 2021. It suggests that the healthy state of the property market has not been unduly affected by the temporary raising of the stamp duty threshold coming to an end.
It was searches for remortgage products that accounted for the largest percentage of the overall total. They made up 43.2% of the searches, although this figure went up to 56.8% if searches for product transfer options are also included.
The man behind Twenty7Tec, Jamie Tucker, told Mortgage Strategy that the high number of searches – and particularly for remortgage options – marked the continuation of market trends since the summer.
November also brought a further drop in first-time homebuyer activity, as only 17.6% of product searches were by people in that category. Tucker went on to say that the two halves of the month were markedly different for the market:
“There was a huge volume of searches and documents created in the first half, and a major drop off in most areas in the second half of the month, although buy-to-let remained an exception.”
Advisors will want to use their CeMAP course training to steer first-time buyers towards specialist lenders while also taking advantage of the demand for remortgaging.