Twenty7Tec issues June 2022 UK mortgage market findings

Twenty7Tec has issued its June 2022 UK mortgage market findings report based on the mortgage platform data collated for June 2022.

Key points from publication:

• We saw a drop in mortgage searches across all mortgage types
• The drop in mortgage searches for sub £250k properties remains in the single figures but widens to a 14.65% drop compared to last month for properties valued at over £1m.
• Has the market peaked for product availability?
  • We have now had three months of fewer products available at month end compared to the prior month.
  • There are 1,200 fewer mortgage products available than at the previous month end – which represents a 6.8% drop after a 3.8% drop the previous month
  • There are now 118 fewer products in the 75% max LTV bracket – around 5% of the market
  • The market is now operating at 81.6% of the pre-pandemic product volumes
• The volume for green mortgage searches remain very low (0.06% of the monthly mortgage searches) but have quadrupled in the past 8 months and are proving increasingly popular for BTL mortgages – Green BTLs now trend towards one-third of the total Green mortgage market
• June 2022 saw 4 of the top 15 ever busiest days for green mortgage searches

James Tucker, founder and CEO of Twenty7Tec, said of the findings:

“I don’t think that we can ignore the drop in total mortgage products available as a signal to the market. It’s now been three months on the trot of fewer products available and advisers and lenders both need to think about all the forces driving that activity.

“In better news, we appear to finally have lift-off in the green mortgages sector where customers and particularly BTL mortgages are seeking a better rate as a result of their improved EPC ratings on their properties.”

Kindly shared by Twenty7Tec

Main article photo courtesy of Pixabay