Twenty7Tec’s platform data has revealed last month mortgage searches were down 13.1% compared to October.
October was the third-busiest month ever for total mortgage searches with 1,504,582 throughout the month.
Purchase mortgage, remortgage and first-time buyer searches were all down for the month by 9.2%, 17.2% and 7.2% respectively.
Data found that the average property valuation for purchases (£333,951) was down 1.4% on the prior month while the average loan required (£230,128) was down 1.3%.
Total mortgage searches in November were 85.85% of the high mark set in September.
Total searches for fixed products continued to drop in November, but tracker searches more than doubled, up 108% compared to September.
Green mortgages have been less popular over the past two months, which Twenty7Tec says “threatens the route to net zero”.
It said this is partly because green buy-to-let (BTL) mortgages have been driving growth and total BTL mortgage searches are at their lowest real terms levels in six months.
For the third month in a row, remortgage ESIS documents produced outnumbered purchase ESIS documents, but the gap is narrowing.
The month averaged 54:46 for purchases versus remortgages compared to 52:48 in October.
November ended with over 13,000 products and variants available, up 18.98% compared to the end of the prior month.
Twenty7Tec founder and chief executive James Tucker says: “Our mission is to remove the wrinkles from the adviser/customer process, to make it as frictionless as possible. Have we succeeded? Well, in 2020, advisers performed on average 5.18 mortgage searches per ESIS document they created. That’s a lot of hustle.”
“By 2021, this dropped to 4.02 searches per ESIS document and in 2022, despite the varying rates and greater market uncertainty, this dropped again to 4.001 searches per document.”
“What’s clear is that even though we have all been incredibly busy since the beginning of the pandemic, advisers have been able to process more matters efficiently by using the tools at their disposal.”
