Twenty7Tec announces February 2022 mortgage market findings
Leading mortgage technology provider, Twenty7Tec, has announced its February 2022 mortgage market findings from its data analytics module INSIGHT, which tracks the behavior of the 15,000 advisers who search for mortgages for their clients via the CloudTwenty7 platform.
Mortgage searches in February 2022:
- More than 1.43 million mortgage searches were conducted by advisers
- Three of the four busiest days ever on the platform took place in February 2022
- February was the highest month on record for total mortgage searches – beating even the pre-stamp duty rushes of 2021
- February saw a 17.63% increase in mortgage searches for million-pound properties (In fact, £1m+ house price mortgage searches have more than doubled since December 2021.)
- February was the busiest month ever for Buy To Let mortgage searches since we began reporting
Mortgage products:
- Mortgage product volumes took their first dip in late February as the market adjusted to new market conditions, but recovered to end February higher than January
- There are now 87.6% of the total volume of mortgage products available pre-pandemic (the previous peak)
- 12% of all products are in the 90-100% LTV range – the highest figure since we began reporting
Nathan Reilly, Director of Lender Relationships at Twenty7Tec, says:
“Despite being a shorter month, February outperformed January’s strong performance, particularly in the areas of total mortgage searches, the volumes of But To Let mortgage searches and the volume of searches in the £1m plus valuation range.
“Activity was stronger in the first half of the month so it will be interesting to see how momentum sustains into March and the pre-Easter push.”
Kindly shared by Twenty7Tec
Main photo courtesy of Pixabay
