Twenty7Tec has reported that its 12 busiest ever days for ESIS documents for 95% LTV and above products were recorded in April.
The mortgage technology expert stated that one ESIS document was produced every eight seconds “all day, every day” through the month.
By the end of the month, 95% LTV and above searches accounted for more than one in five of all mortgage searches on Twenty7Tec’s systems, while first-time buyers also made up over 22.5% of the month’s mortgage searches.
Twenty7Tec also suggested that its data shows the end of the stamp duty free period effect is already affecting volumes above £250,000, with mortgage search volumes for properties over £250,000 already dropping.
“In April, we saw the baton passed,” commented Twenty7Tec CEO, James Tucker. “In order to hit the end June deadline, most mortgages will have been processed by end April.
“Hence a dip in volumes in some segments of the market. However, overall volumes remained high because on April 19, the government's 95% guarantee scheme kicked in and volumes took off.
“The 95%+ scheme is a longer term play to keep the first-time buyer market active and appears, to date, to be working. Let's see what May brings us.”
Latest News
-
Bank of England holds interest rates at 4.75%
-
IHT receipts increase by 11% year-on-year
-
Lendco renews £400m BTL warehouse line
-
Housing market beats expectations in 2024, Halifax finds
-
Homeowners ‘pessimistic’ over economy’s future, study finds
-
Annual price growth jumps to 3.4%, Land Registry data shows
The UK housing market in 2024
The performance of the UK housing market in 2024 has largely exceeded many people's expectations, although challenges remain for first-time buyers due to house prices increasing and a testing rental market for many. Regional disparities, such as the North-South divide, also continue to influence housing accessibility and affordability for many buyers in pockets of the country.
Intergenerational lending
MoneyAge News Editor, Michael Griffiths, hosts Family Building Society BDMs, Amar Mashru and Arif Kara, to discuss intergenerational lending and explore ways that buyers can use family income to help increase their borrowing capacity when applying for a mortgage
Helping landlords make their cash work harder
MoneyAge Editor, Adam Cadle, talks to Family Building Society BDMs, Arif Kara and Nathan Waller, about the resilient BTL market, the wide variety of landlords that Family Building Society caters for, and how niche products like an Offset mortgage can help improve cashflow.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories