More than 800 mortgage products added to market in June

An additional 804 mortgage products came onto the market in June, resulting in a total figure up 6.6% on May, new data published by Twenty7Tec has revealed.

The mortgage technology expert stated that this is the first time there have been more than 13,000 mortgage products available in the UK since March 2020.

Twenty7Tec’s research also revealed that June saw the mortgage market edge nearer its long-term average split of purchase v remortgages, to currently sit at a ratio of 65:35, having fallen from recent highs of 70:30.

The data also showed that searches from first-time buyers still made up over 20% of the total in June, despite the impending end of the stamp duty holiday at the end of the month for properties valued between £250,000 and £500,000. 

“The end of June saw a huge final push for closure of documents,” commented Twenty7Tec director, Phil Bailey.

“One big lesson from the past year is that the various parts of the market are, slowly, coming together a little more and understanding about the timeframes in which each works. Being able to predict with more certainty how various parts of the market will react to changes, is critical to the evolving mortgage and housing landscape.”

He added: “We saw a huge rise in the number of products on the market this month – up 804 products. Yet we're still only at 65% of the previous volumes of products on the market. So, given that all searches and ESIS document volumes are still well up on the highs of last year, every product is having to work harder as demand is outstripping supply.”

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