Weekly mortgage search volumes drop 3.9% – Twenty7Tec

Weekly mortgage search volumes are currently at 83.89% of the year’s highest figure, down 3.9% on the week before, the latest data from Twenty7Tec has revealed.

The mortgage technology platform revealed that weekly buy-to-let (BTL) mortgage search volumes are at 94.45% of the year’s high, which is a figure up 0.3% on the week before

The data, which was for the third week of the second national lockdown, also showed that weekly residential mortgage search volumes are at 81.48% of the year’s high, which reflected a drop of 5.2% on the previous week.

Twenty7Tec CEO, James Tucker, commented: “The search for residential mortgages has definitely slowed a little this week, dragging the total volume of searches lower to 83.89% of the year’s seven-day high. There’s been some uncertainty in households as to what is going to happen at the end of this second period of lockdown

“In terms of total residential mortgage searches, we are now at exactly the same level as we were the day we entered the first national lockdown, 23 March. Time and again this year, we’ve see uncertainty over lockdown lead to search volumes dropping. We anticipate, however, that as soon as there’s greater certainty, that the volumes will return to some extent.

“Another downward pressure is, of course, the end of the stamp duty period. Search volumes today are affected by completions not being possible by financial year end. Unemployment and the economic forecast have also provided some downward pressure on volumes.”

Twenty7Tec also revealed that its weekly mortgage ESIS documentation figures are currently at 90.27% of the year’s highest figure, a total that is up by 1.5% on the week before.

The mortgage technology platform’s data also showed that BTL mortgage ESIS documentation figures are currently at 95.25% of the year’s highest figure – up 6.7% on the previous week – while residential mortgage ESIS documentation figures are currently at 87.25% of the year’s highest figure, a figure that has risen by a marginal 0.03% on the week before.

“In terms of the documents produced, however, the picture is slightly brighter, with overall volumes over 90% of the best seven-day period year to date,” Tucker added. “Given that we’re in this slight information limbo period, that’s a pretty good result.

“BTL had had a strong week and is within 5% of the year’s busiest week as of today. It’s possible that the BTL market will continue to be busy for stamp duty holiday purchases for a few days yet, given that buyers are quicker to process for lenders.”

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