Twenty7Tec Issues Daily Mortgage Stats: March 27 Release
Twenty7Tec, a leading provider of technology solutions to the mortgage industry, this morning issues the mortgage market statistics from Thursday 26 March. Using the company’s INSIGHT platform, it will be providing free daily market analysis reports during the Covid-19 crisis.
James Tucker, CEO of mortgage technology provider Twenty7Tec says:
“Even yesterday’s figures look out of date with the Government having prevented sellers having any prospective buyers view the property. The Government has also requested that ‘Homebuyers and renters should, where possible, delay moving to a new house while measures are in place to fight’ the virus.”
“Finally, it has asked lenders to extend all house purchase loan offers by three months to give borrowers more time to complete transactions. Some lenders – including Virgin and Skipton – have suspended all new purchase applications.
“Ironically, yesterday the figures bounced back from what has been a challenging week – with a rise of over 8% of searches for all mortgages. This was driven by a lift in both purchase and remortgages, with purchase searches forming 41% of the market yesterday.
“The market is going to face some incredibly tough conditions over the next few weeks. The shift of brokers’ attention to remortgages is clearly going to be where they can keep doing strong daily volumes. In light of the broader economic picture, we wouldn’t be surprised if there were more equity release-style applications as households look to firm up their immediate financial needs.
“With increased levels of innovation on the technology front, including greater use of ID checking and virtual and video tours of properties, we think that it will be possible to sustain some activity even in light of the boundaries that Government has put in place. That said, it would be foolish to think that the purchase market volumes would not decline further over coming days.”
Stats from the mortgage market from Thursday 26 March 2020
Versus Prior day
- The volume of searches yesterday was up 8.37% on the prior day
- The volume of documents prepared yesterday was up 10.49% on the prior day
- The total value of loans documented yesterday was up 9.11% on the prior day
Versus same day last week
- The volume of searches yesterday was down 23.72% on the same day last week.
- The volume of documents prepared yesterday was down 15.25% on the same day last week.
- The total value of loans documented yesterday was down 16.30% on the same day last week.
Versus same day two weeks ago
- The volume of searches yesterday was down 26.45% on the same day two weeks ago.
- The volume of documents prepared yesterday was down 13.3% on the same day two weeks ago.
- The total value of loans documented yesterday was down 15.68 % on the same day two weeks ago.
7-dsy period versus prior period
- The volume of searches to the 7 days ending yesterday was down 16.99% on the prior week
Twenty7Tec is a market leader in the provision of online mortgage, secured loan and bridging sourcing systems, with over 13,000 individual intermediary subscribers, including some of the largest Network and Directly Authorised firms in the UK. Twenty7Tec Group also specialises in the build, delivery and maintenance of unique technology solutions designed to drive efficiency in process in today’s lending market. The company today supports some of the largest aggregator, intermediary and lender organisations in the UK, with a diverse array of technology systems that meet the needs of the evolving mortgage market.
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