You are here: Home - Mortgages - Remortgage - News -

Remortgage searches hit record high as product choice dips

0
Written by: Lana Clements
05/09/2022
Broker searches for remortgages hit a new record last month as product availability dropped.

The busiest ever day for remortgage searches fell in August 2022, according to data from mortgage platform Twenty7tec.

And for eight of the 31 days last month, searches for remortgages outstripped searches for purchase mortgages.

However, the number of products available dropped by more than 10% – the lowest level of availability since July 2021.

First-time fallers

The proportion of first-time buyers in the market also dropped to the lowest level so far this year, the data indicated.

Overall, August was also the third busiest month this year for total mortgage searches, up by more than a fifth from the same period last year.

The data also showed a pick-up in searches for self-employed, green buy-to-let and retired mortgages in August.

Product availability slips

James Tucker, founder and chief executive of Twenty7Tec, said: “The front end of August was among the busiest of months we’ve ever seen.

“The latter half was definitely affected by the summer holidays and by the bank holiday weekend.

“Away from the headline figures, however, it’s a very nuanced market.

“Remortgages and buy-to-let activity were high, but first-time buyer, purchase and £1m+ property searches were all down.

“The major story of the month has to be product availability, including a 26% drop in products with max loan to value of 60% – a key component of the buy-to-let market and a move that surely drove some of the extra search activity.

“Normally, we’d be expecting a back-to-school vibe this week, with the 14 weeks from the beginning of September to the run-up to Christmas being the busiest of the year.

“But if I have learned anything from the past couple of years, it’s that it’s easier to comment on what has come than what is to come.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Autumn Statement: Everything you need to know at a glance

Yesterday Chancellor Jeremy Hunt made his first fiscal statement in the role, outlining a range of tax measure...

End of Help to Buy: 10 alternatives for first-time buyers

The deadline for Help to Buy Equity Loan applications passed on 31 October. If you’re a first-time buyer who...

Moving to an energy prepayment meter: Everything you need to know

As households struggle with the soaring cost of energy, tens of thousands of billpayers are expected to move o...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week