Twenty7Tec has published its monthly mortgage market data for September 2021.
The mortgage technology provider found that remortgages were 38.4% as a proportion of the mortgage market in September 2021. Purchases (excluding product transfers) were 61.6%.
September was the third busiest month for mortgage searches and there was an 8% increase in mortgage searches for properties valued at over £1m. September was the lowest ranking month for first time buyers as a percentage of all mortgage searches in 2021 and 14th out of the last 16 months.
First time buyers represented 18.8% of all mortgage searches during the month.
The 95%+ LTV searches market share was down to 3.86% from recent highs of 7.06% in April 2021 when the 95% scheme came into force.
James Tucker, CEO of Twenty7Tec, said: “Life after the stamp duty relief starts here. This is the new normal: a legacy 95% guarantee scheme, but much else has returned to pre-pandemic market set up.
“The story of the month from September was that buy-to-let is back and remortgaging is also heading toward its long-term norm (40:60 of remo:purchase). Perhaps October will see the usual pre-Christmas rush? We’ll report as soon as we know next month.”
