x
By using this website, you agree to our use of cookies to enhance your experience.

TODAY'S OTHER NEWS

How is the mortgage market faring in Lockdown 2?

Twenty7Tec, a mortgage technology platform, has released the latest figures on the state of the mortgage market one week after Lockdown 2 began.

The findings, released on November 12, revealed the following…

Mortgage searches

Advertisement

Weekly mortgage search volumes rose to 87.79% of the year’s highest figure, up 6.8% on the previous week.

Search volumes for buy-to-let (BTL) mortgages were also up, reaching 92.09% – an 8% rise on the week before.

Meanwhile, weekly residential mortgage search volumes were at 87.57%, up 6.8% on the last week.

European Standardised Information Sheet (ESIS) documents

Mortgage ESIS documents figures were up on the week before, rising 7.5% to reach 91.42%.

Weekly BTL mortgage ESIS documentation figures were set at 89.75%, up 7.8% on the previous week.

Figures for residential mortgage ESIS documents rose 7.4% from the last week to 90.13%.

James Tucker, chief executive officer of Twenty7Tec, said the initial decline in mortgage searches and ESIS documents occurs as customers focus on dealing with the practical elements of a lockdown.

Then, as soon as lockdown starts, mortgage search volumes begin to rise again.

He commented: “We’ve seen it again and again this year on a UK-wide, home nation and regional level before and just after we enter lockdown. Any drop is then consistently mirrored by a spike of mortgage search volumes within a day or two of the lockdown beginning.”

“There was a definite blip in activity as people mentally prepared for Lockdown 2. For context, the drops were less than we’d expect in a bank holiday week. In Lockdown 2, we are still seeing search volumes higher than we did in pre-lockdown spring.”

He concluded: “Buy-to-let currently forms 19.11% of all searches in the past week and 20.87% of all documents prepared against in the past week. BTL search volumes have been relatively steady all year and those searches are converted into ESIS documents more often than residential searches.”

icon

Please login to comment

MovePal MovePal MovePal
sign up