Residential remortgage searches were up by 7.44% month-on-month and 62.34% annually, while FTB searches increased by 5.68% on a monthly basis and 13.04% annually
Purchase mortgage searches increased by 8.1% month-on-month in April and are 25.87% higher compared to April 2023, as the number of total products available on the market reached a fresh record high, data from the Twenty7tec platform reveals.
Residential remortgage searches were up by 7.44% month-on-month and 62.34% annually, while FTB searches increased by 5.68% on a monthly basis and 13.04% annually.
In the BTL market, purchase searches increased by 7.93% monthly and 19.27% annually, while remortgage searches rose by 2.50% and 26.48% respectively.
Two-year fixed rates accounted for 48.51% of all fixed product searches in April, while three to five-year fixes made up 34.09% of searches and five-year+ products 17.40%.
Nathan Reilly, director at Twenty7tec, said: April 2024 was our third busiest ever month on the platform with more than two million mortgage searches in total. The month also saw a new record set for the total products available – with more than 21,000 product variations now in the UK mortgage market, a 3.82% increase on the previous month end.
We are seeing a significant level of ESIS documents being produced for purchase mortgages, which is always a good sign, he said.
April 2024 saw an unprecedented fourth month on the trot with more than 100,000 self-employed mortgage searches. Nevertheless, their demand was surpassed by the employed who made up more than 90% of all mortgage searches for the first time since September 2020 (retired and self employed made up 9.33% in April 2024), he said.
He added: Finally, we saw the average property valuation for a FTB in London break through the £500,000 mark again for the first time in a year.