Twenty7Tec reports busy February for ESIS documents

February saw the 11 busiest ever days for preparing mortgage documents, according to new statistics published by Twenty7Tec.

The month also saw 13 of the highest ever 15 days for ESIS documents on a seven-day rolling basis, according to the figures from mortgage technology provider.

Other key findings from Twenty7Tec’s latest Monthly Mortgage Report revealed there was a 9.94% increase in the total value of loans documented using the provider’s systems, as well as a 10% rise in the volume of mortgage searches for houses valued over £1m, compared to January.

First-time buyers made up almost 20% of all mortgage searches in February, and Twenty7Tec also reported that its purchase vs remortgage search has now remained broadly unchanged for three months, remaining at a 65:35 balance.

The technology expert also documented £43.7bn of loans which equated to £13.9bn of gross mortgage lending during the month of February.

“January 2021 volumes were unseasonably high and yet February 2021 still outperformed the prior month, despite having fewer days,” commented Twenty7Tec sales director, Phil Bailey.

“Searches were up across all types of mortgages, including a noticeable bump in buy-to-let volumes of almost 7%.

“The balance of purchase v remortgage searches has settled nearer its long-term average and hasn’t really shifted for three months now at 65:35. 

“Purchase searches will be sustained by the stamp duty holiday extension and remortgage figures will remain a little depressed because of the ongoing mortgage payment deferral scheme.”

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