Twenty7tec issues October 2022 UK mortgage market findings.
(3 November 2022) Twenty7tec has issued its findings based on its mortgage platform data for October 2022
The main findings include:
- October 2022 was the third-busiest month ever for total mortgage searches – just behind March 2022 and September 2022.
- The first week of October 2022 saw the most mortgage searches for remortgages ever on the platform
- Total searches for fixed products actually dropped in October 2022, but rose for all other product types, notably tracker mortgages where volumes rose over 50%
- Green mortgages saw their busiest day ever at the beginning of the month
- The three busiest days ever for producing ESIS docs were in the first week of October 2022
- Eight of the 10 busiest days ever for remortgage ESIS docs were in September 2022
Purchase v remortgage
- The month ended 52:48 for purchase v remortgages but the second half of the month was 57:43 purchase and the first half was 60:40 remortgage – a month of two halves
- The month ended with 49% more products/variants available than at the end of the prior month
James Tucker, CEO, Twenty7tec said of the findings:
“The frantic September market continued into the first week of October, but then things dropped off as the month progressed. Mortgage availability stabilised around the 10,000 products and variants mark, and volumes calmed towards longer-term averages.
It’s possible that November will also prove a month of two halves given the Chancellor’s statement on November 17th, two weeks after the Bank of England’s November 3rd interest rate decision meeting.”