A new report looking into the UK mortgage market at the close of last year has found that there has been a massive increase in the volume of products available from lenders.
This Mortgage Market Report conducted by Twenty7Tec found that numbers of products had increased by over 74% by the close of 2021, in comparison to the end of the previous year. That is an encouraging sign for borrowers at a time when housing stock is very low and prices for homes that are available are going up sharply.
The report also found that searches among borrowers for mortgage products were 12% higher last month than they were in December 2020, indicating that there is real demand for loans. Furthermore, last month was not an isolated case, as 7th December marked the sole day during the month where mortgage search numbers cracked the 2021 top 50.
When it comes to the types of products that customers were looking for during last month, remortgages made up the largest share of them. These represented 42.3% of the total for December, with searches among first-time homebuyers accounting for 17.97% of the December total.
In a statement, James Tucker, the founder of Twenty7Tec, stated that 2021 had been a year for the industry to remember. He added that it had seen the highest completion volumes ever but had also brought lasting changes to the way the sector operates.
These changes include many trainee advisors now doing CeMAP courses online before making greater use of technology to interact with clients.
