This week, the total number of remortgage searches year to date in 2022 overtook the total volume of remortgage searches for the whole of 2021, according to latest figures from Twenty7Tec.
There have been 5,615,206 remortgage searches so far this year compared to 5,440,414 in the whole of 2021.
This year to date has been marginally busier for purchase mortgage searches (up 3.72%) compared to the same period last year but is 43.81% busier for remortgage searches YTD compared to the same period last year.
Nathan Reilly, director of customer relationships at Twenty7tec, said: “This year’s mortgage market has been defined by the increased volume of remortgage searches in the market. Last year had a stamp duty holiday and a lot of pent-up market demand because of Covid and the lockdowns. And yet, to date, this year has been even busier compared to the same period last year.
“Ultimately, we believe that we will see over 10 million purchase mortgage searches on our platform by year-end and maybe even a total approaching 18 million mortgage searches for the whole of 2022. Over the year, that would be equivalent to a mortgage search for two-thirds of all UK households, and at a rate of one search every 1.8 seconds.”