Twenty7tec publishes its latest mortgage activity report for June 2023

The leading adviser tech provider Twenty7tec has published its latest mortgage activity report for June 2023.

Key points from publication:

• • June 2023 was the second busiest ever month for mortgage searches (1,747,323 v 1,852,718 in March 2023)
  • Purchase mortgage searches were up 0.6% in June 2023 compared with May 2023 
  • Remortgage searches were up 21.9% compared with May 2023 to their highest ever monthly levels.
  • Buy-To-Let mortgage searches were up 11.1% in June 2023 compared with May 2023
  • Searches by First-Time Buyers were up 1.0% nationwide in June 2023 compared with May 2023
  • First-Time Buyers (as a percentage of the market) dropped to their lowest level since September 2022 and their second lowest in over three years.
  • Searches for fixed mortgage products in June 2023
    • Two-year fixed mortgages accounted for 42.62% of all fixed product searches compared with just 21.35% in June 2022
    • Three- to five-year fixed mortgages now account for 33.69% of all fixed product searches (compared with 40.96% a year ago)
    • Five- to ten-year fixed mortgages now account for 23.69% compared with 36.14% a year ago

Nathan Reilly, director at Twenty7tec, says:

“June 2023 saw the Bank of England raise rates further.

“The market seemed to have priced it in ahead of time and so the week before the rise was very busy, as was the week after when thousands of product changes were made.

“Product availability is now down to their lowest levels, year-to-date and are attempting to handle higher volumes of mortgage queries.

“In particular, the market saw a huge uplift in remortgage searches – up 21.9% on the prior month – alongside a 25% hike in remortgage ESIS documents prepared.

“It’s worth noting that in the 18 months since we began reporting green mortgage searches, 24 June 2023 was the first day without any searches for green mortgages at all.”

Kindly shared by Twenty7tec

Main article photo courtesy of Pixabay