Total mortgage searches increased by 21.5% in August compared to the same month last year, new data from Twenty7tec has revealed.

The mortgage technology firm’s figures confirmed that August was the third busiest month of 2022 for total mortgage searches.

Twenty7tec also reported that August 2022 was the second busiest month it has ever recorded for ESIS documents, with 4 August the highest ever day for total ESIS documents produced, as well as the group’s busiest day ever for remortgage searches. For 8 of the 31 days during the month, searches for remortgages even outstripped searches for purchase mortgages.

According to latest data, August also saw an 11.5% drop in products available, down to the lowest product availability since 23 July 2021. Twenty7tec stated that products are now at 67.48% of the all-time market high of February 2020, although availability is still 74.9% above the minimum during the pandemic.

Twenty7Tec founder and CEO, James Tucker, said: “The front end of August was among the busiest of months we’ve ever seen. The latter half was definitely affected by the summer holidays and by the bank holiday weekend.

“Away from the headline figures, however, it’s a very nuanced market. Remortgages and buy-to-let (BTL) activity were high, but first-time buyer, purchase and £1m+ property searches were all down.

“The major story of the month has to be product availability, including a 26% drop in products with max LTV of 60% - a key component of the BTL market and a move that surely drove some of the extra search activity.

“Normally, we’d be expecting a back-to-school vibe this week, with the 14 weeks from the beginning of September to the run-up to Christmas being the busiest of the year. But if I have learned anything from the past couple of years, it’s that it’s easier to comment on what has come than what is to come. Either way, we’ll be here to support you in advising your customers on getting the best possible deal in a rapidly changing market.”

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