Twenty7tec has described the mortgage product landscape as the "most competitive it's ever been", as the number of first-time buyer (FTB) purchase searches increased by 13.9% year-on-year to 352,958 in May.
The adviser tech provider’s latest Mortgage Market Activity report revealed that FTBs made up 37.3% of all residential search activity in May, compared to 34% in April. Nearly half (48.2%) of those searches were for 90% plus LTV products, with 78% being over 80% LTV.
Overall, total mortgage searches rose by 12.3% year-on-year, while non-FTB purchase mortgage searches increased by 5.2% in this period.
Buy-to-let purchase searches fell by 11.7%, while residential purchase mortgage searches increased slightly by 0.7%.
Furthermore, remortgage searches jumped by 7.6% annually.
Two-year and under fixed mortgages accounted for nearly half (47.6%) of all fixed product searches, compared to 45.6% in May 2024.
Three to five-year fixed mortgage searches accounted for 31.9%, while five to 10-year fixes made up 21.4% of searches.
Commercial director at Twenty7tec, Nathan Reilly, said that May felt like a month where "confidence picked up noticeably".
He also stated that the product landscape is the "most competitive it’s ever been", adding that it is "good news for advisers and their clients".
Reilly concluded: “It’s also interesting to see the return of shorter-term fixes as a dominant product choice. With so much speculation around interest rate direction, borrowers seem to be positioning themselves for flexibility.
"Behind the numbers is the role of technology. Advisers are navigating a complex landscape, and a platform like ours is helping them do it faster, with less admin and more certainty. From affordability checks to research and applications, the integrated tools we provide give firms the confidence to act quickly and compliantly.
"We’ve always said our mission is to support better advice, smoother lending, and smarter decision-making. May’s performance is proof that when tech is working well behind the scenes, advisers can focus on what matters most: helping clients make good financial decisions."
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