Mortgage product volumes took their first dip in late February as the market adjusted to new market conditions, but recovered to end February higher than January
February was the highest month on record for total mortgage searches – beating even the pre-stamp duty rushes of 2021.
February was also the busiest month ever for buy-to-let mortgage searches since Twenty7Tec began reporting.
The platform has now recorded its three millionth mortgage search of 2022. The one millionth search took place this year on January 24th, the second millionth on February 10th.
Mortgage product volumes took their first dip in late February as the market adjusted to new market conditions, but recovered to end February higher than January.
There are now 87.6% of the total volume of mortgage products available pre-pandemic and 18.12% of all products are in the 90-100% LTV range – the highest figure since recorded by Twenty7Tec.
Twenty7Tec says it’s ‘clear from these figures that housing demand is far from slowing down as confidence in the market remains strong and those in the industry race to find the best deals for eager house buyers’.
Nathan Reilly, director of lender relationships at Twenty7Tec, said: Despite being a shorter month, February outperformed January’s strong performance, particularly in the areas of total mortgage searches, the volumes of buy-to-let mortgage searches and the volume of searches in the £1m plus valuation range. Activity was stronger in the first half of the month so it will be interesting to see how momentum sustains into March and the pre-Easter push.
Niki Cooke, director of intermediary relationships at Twenty7Tec, commented: It’s an exciting time as we’re reaching these numbers quicker each year which not only demonstrates the strength of the market but it also showcases our position in it and how our technology is supporting advisers and their clients.