Twenty7Tec handled 101,620 queries on 27 September for the first time on its platform, a 14.3% increase on the previous day.

Twenty7Tec director of customer relationships Nathan Reilly says: “The increase in mortgage searches yesterday was particularly driven by the remortgage market. Remortgaging accounted for 54.6% of the market yesterday, well ahead of its 45% long-term average.”

The total number of mortgage products available dropped significantly for the second day running, Reilly notes. 

Data found that currently there is the lowest volume of mortgage products in the market since 15 March 2021.

At the end of yesterday, there were 11,339 products in the market compared to 12,489 the day before and 13.717 two days ago, a drop in products of 17.3% in two days.

However, not all loan-to-value (LTV) ranges have been equally affected over the past two days, says Reilly. 

“Lenders have withdrawn 19.95% of their products where the maximum LTV is 95% compared to just 6.5% where the maximum LTV is 75%.”

“It’s different to where we were a couple of years ago in the midst of the pandemic as there are still products available at all LTV ranges for purchase and remortgage across the market.”

“Combining that decrease in products available with fewer products and some lenders accepting no new business and we have a significant bottleneck forming in the market.

“The stamp duty change last week has fuelled further demand just as lenders look at how they price in all the macroeconomic data. That said, it’s likely just a short-term pinch point that the market will price as and when things settle down over the coming days. The simple fact is that there’s plenty of cash still available to lend,” he adds.