Remortgage searches were up 1.4% compared to the month prior and were 3.16% higher compared to the same period last year
Twenty7tec’s latest mortgage market statistics for October 2024 shows that purchase mortgage searches were up 23.69% compared to October 2023.
Mortgage searches were also 2.9% higher on a monthly basis.
Remortgage searches were up 1.4% compared to the month prior and were 3.16% higher compared to the same period last year.
The figures also reveal that BTL purchase mortgage searches were up 3.0% in October 2024 compared to the previous month and were 18.37% higher compared to October last year.
BTL remortgage searches remained steady in October and were 9.52% higher compared to the same period last year.
Searches by FTBs were up 5.38% in October 2024 compared to September and were up 9.99% compared to October last year.
Meanwhile, two-year fixed mortgages accounted for 40.51% of all fixed product searches last month compared to 46.22% in October 2023.
Three- to five-year fixed mortgages accounted for 35.18% of all fixed product searches compared to 33.62% in the same period last year.
Twenty7tec director Nathan Reilly says: We saw month-on-month gains across the board last month, with purchase and remortgage searches both up and BTL and FTB searches also up.
But the month had two definite parts: the first half characterised by record-setting for product availability, and the second for fewer ESIS documents being prepared as the market held its breath for the Budget and the subsequent BoE rate decision on November 7th. None of the days in the second half of October ranked in the top 130 busiest days this year, he added.
Equally, by month end, the total number of products available had dropped by 1.93% to leave it 462 products down on the prior month end. This was the first month-on-month decline in total products since June 2023, he said.
For advisers, it has been a purchase market since March this year, in other words, the volumes of purchase ESIS documents prepared surpass the volume of remortgage ESIS documents. But it is narrowing again a little now at 55:45, having previously peaked at 57.5:52.5 in July 2024, he said.