Product searches lifted by 9.8% across the Twenty7Tec mortgage platform in July compared to the previous month, although the number of available home loans fell to its lowest level since the end of September last year.

The fintech firm says there were just under 1.5 million purchase and remortgage searches across its platform last month, following a 9.7% fall in June, according to its July Monthly Mortgage Report.

It adds there was “a small increase in the volume of searches for all property ranges”, except for homes valued at over £1m, which fell by 2.7% compared to the previous month.

Twenty7tec director of lender relationships Nathan Reilly says: “July 2022 saw a rebound to May 2022 activity levels after the Jubilee-induced drop off in the prior month. There was a strong rise in the volume of remortgage searches.”

But the firm adds that the availability of mortgages fell for the fourth consecutive month to 15,388 products, with home loans at 76.3% of their pre-pandemic highs

It says that fixed mortgage searches are at 85.83% of their record highs, with other types of loans “all performing well below their all-time highs”. Stepped loan searches are 56.87% of their record highs, discount at 45.87%, Tracker at 46.62%, Capped at 44.67%, Variable at 44.56%, and Libor at 44.29%.

The group’s national account manager Megha Srivastava adds: “We now have fewer mortgage products available in the market than at any time since 6 October, 2021. The rate of decline in product availability has been pretty sharp since 8 June.”

Twenty7Tec founder and chief executive James Tucker adds: “Fewer products in the market, but sustained levels of activity – July 2022 was a conundrum.

“It’s hard to know if inflation has now been priced into the market, with the reduction in product ranges to fit a market that relies increasingly on fixed, long-term products. Or if there’s still a collective holding of breath to see how things go after the summer break.

Tucker says: “Product availability is probably one of the key metrics this month. We’re now operating at around three-quarters of the pre-pandemic highs – down for the fourth month on the trot.

“We’ve also seen a much greater concentration towards fixed mortgages which are currently performing at around 85% of their all-time highs. stepped mortgages are at 56% of their all-time highs.

“But the availability of discount, tracker, capped, variable and Libor mortgages are all below 50% of their record highs. Both buyers and lenders are seeking greater certainty and the profile of products available reflects that.”