Mortgage Market Report update
Buy to Let has the busiest ever month in March 2023
We can today announce that March 2023 saw the highest-ever volume of Buy To Let mortgage searches in a single month on our platform.
347,419 mortgage searches for Buy To Let mortgages were handled in March 2023.
This represents a 12.6% increase on the volume of Buy To Let searches in February 2023.
Month Total Buy To Let mortgage searches
Nathan Reilly explains:
“March 2023 saw overall mortgage searches records set and this was also true for the total number of Buy To Let mortgage searches which we handled. In fact, ten of our busiest ever 12 months for BTLs have been over the past year.
The proportion of BTL mortgage searches has, however, been dropping over the past few months since a 12-month high in September 2022 of 20.69% to March 2023’s figure of 18.75%.
The new record levels of Buy To Let searches have not yet translated into record levels of Buy To Let ESIS documents being created, so it seems as if landlords are having a look, but biding their time a little.
The March 2023 drop in availability of mortgage products with a max LTV of 65% which means that we have a bit of a mismatch between landlord demand and lender supply at the moment.”
Yesterday we announced that March 2023 was the busiest ever month for remortgage searches and saw the highest-ever volume of remortgage searches in a single month on our platform.
- Ten of the busiest ever 12 months for remortgage have been in the past year
- In March 2023, we experienced the highest percentage of remortgage searches (compared to purchase mortgages searches) since May 2021
- In March 2023, there were 69.3% more remortgage searches than in March 2020, the month in which the UK went into lockdown
Nathan Reilly, explains:
“Remortgaging drove a lot of market activity in March 2023. We set some new records and it compares favourably to some of the other major remortgaging milestones we’ve seen over the last couple of years.
Nine of the 12 busiest-ever months for remortgage searches have been in the past 12 months. Compare that to purchase where only two of the top 12 busiest months ever were in the past year.
The gap widens further when we look at ESIS documents prepared. For the past seven months, more remortgaging ESIS documents have been created than ESIS purchase documents.
Remortgaging has definitely been busier for a while now.”
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