Buy-to-let (BTL) mortgage searches fell to 14.74% of the overall market – the lowest share since reporting began at the start of 2020.
This is according to the latest figures from Twenty7tec which also reveal that self-employed mortgage searches reached record levels on 28th and 29th April; while the market saw a clear shift toward shorter-term mortgages, with 44.13% of fixed product searches focused on two-year or shorter terms, up from 40.95% in March
The numbers for April also revealed a strong end to the month with regards to adviser activity. Four of the top seven busiest days ever were recorded for ESIS documents in the 90%-plus LTV market, alongside a marked increase in residential purchase searches.
Product availability also remained high, peaking at 25,266 early in the month, with a slight increase in total product count by month-end.
Commenting on the latest data Twenty7tec director Nathan Reilly said that April’s mortgage market painted a picture of contrasts. The previous month, buy-to-let searches were among the highest ever recorded. “Fast forward to April, and we’re seeing the lowest share of the market for BTL activity since we began tracking – particularly in the £150k–£250k range, where searches fell by more than 24%.
He added: “At the same time, first-time buyer interest remained strong, making up nearly a quarter of all search activity – a trend we’ve now seen for five consecutive months.
“More widely, we saw signs of borrowers seeking greater flexibility – with growing demand for shorter-term products and average applicant salaries reaching new highs. We also saw a sharp rise in searches from self-employed applicants, perhaps another reflection of a market adapting to uncertainty.
Reilly said April’s figures showed that the market was still very much in motion, with advisers and customers responding in real time to shifts in product availability, affordability, and wider sentiment.
“And as for the BTL market – is this just a blip, or are we seeing the start of a longer-term shift? Either way, we encourage advisers and lenders to keep a close eye on how things unfold in the months ahead.”
