Twenty7Tec has published the monthly results from its data analytics module INSIGHT, which tracks the behaviour of the 15,000 advisers who search for mortgages for their clients via the CloudTwenty7 platform.
In January, over 1.4 million mortgage searches were conducted by advisers. For the first time ever, Twenty7Tec saw more than one million residential mortgage searches within a single calendar month
Eight of the 10 busiest days ever on the platform took place in January 2022, which was the highest month on record for mortgage searches, beating even the pre-stamp duty rushes of 2021
First time buyers returned to the market after a Christmas holiday and now represent almost one in five of all mortgage searches in January 2022
Twenty7Tec said the market moved last month towards fixed products, with the highest volumes of fixed mortgage searches since March 2021.
Mortgage products in the market are up 70.1% on the same time one year ago, while there are now 85% of the total volume of mortgage products available pre-pandemic (the previous peak). In addition, 18.12% of all products are in the 90-100% LTV range – the highest figure since Twenty7Tec began reporting its statistics.
James Tucker, founder and CEO of Twenty7Tec, said: “I hope that advisoes and lenders got a rest over their Christmas period as they certainly walked back into a hot market in January 2022. We set new records for total mortgage searches and the total for standard residential mortgages surpassed one million searches in a single calendar month for the first time ever.
Combine this market activity with the broader macroeconomic picture of inflationary pressures and some major periods of remortgaging coming up – as announced by UK Finance – and I predict it’s going to continue to be a busy few weeks for all the advisors in the mortgage market. Efficiency and client care is going to be key.”
