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“We are operating in a different market to the one we experienced just four weeks ago.”

The first week in June had the five busiest days for mortgage searches since lockdown began and weekly total searches for purchase mortgages hit a new 2020 high, according to the latest figures from Twenty7Tec.

The data shows that the week to Saturday was the busiest week for purchase mortgages this year – including pre-Covid highs – with Monday and Wednesday the second and third busiest days of the year for purchase mortgage searches.

Total mortgage search volumes were up 35.90% last week compared to the week prior, with Twenty7Tec preparing 45.82% more ESIS documents than in the previous week.

James Tucker, CEO of Twenty7Tec, said: “We are operating in a different market to the one we experienced just four weeks ago. This week had the five busiest days for all mortgage searches since lockdown began. Weekly total searches for purchase mortgages reached a new 2020 high this week and are up an astonishing 314.83% on four weeks ago.

“Both Monday and Wednesday were within a whisker of the daily purchase searches record this year which was set on 3 March. Who knows, we may see that surpassed this week.

“Remortgages now form a smaller proportion of the total mortgage search market – 38.9%. This week’s total remortgage searches is 87.1% of the best week in 2020 – not too far below peak.

“Buy-to-let forms a smaller proportion of the overall searches than it has done for some time – at 18.37% of all mortgage searches.”

SOURCE:- https://www.financialreporter.co.uk/mortgages/weekly-mortgage-searches-hit-new-2020-high.html?SRC=MC