Twenty7Tec has reported that it recorded its seven busiest ever days for ESIS documents on a seven-day rolling basis in May.
The mortgage technology expert Mortgage Market Report for May revealed that 11 May was the busiest ever day it has had for creating ESIS documents.
First-time buyers made up 21.6% of the mortgage searches during the month, which reflected a drop from April, although Twenty7Tec also reported growth in the products available as of 31 May, compared to the products available as of 30 April.
By the end of, searches for 95% LTV Products accounted for 18% of all mortgage searches on Twenty7Tec’s systems, which was ahead of the year-to-date average of 15%.
“The end of the stamp duty holiday is on the horizon and the adjustments to the new market conditions are already happening,” commented Twenty7Tec CEO, James Tucker.
The temporary nil rate band of £500,000 for stamp duty is to be tapered down on 30 June and remain at £250,000 from 1 July to 30 September, before it reverts to the standard amount of £125,000 from 1 October.
Tucker added: “We’ve seen fewer searches in most price ranges and LTV ranges in May as focus turned to creating ESIS documents which could hit the deadline of 30 June.
“Ironically, just as volumes dropped back further for the second month on the trot, product volumes rose above 12,000 for the first time in over a year. June is going to be interesting.”
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