Market sees 1% monthly increase on June

Mortgage searches rose 1% last month compared to June but were broadly static year-on -year. Remortgaging searches rose 7% month-by-month and 5% annually as buyer searches fell.

The latest figures from Twenty7tec’s latest Mortgage Market Snapshot showed 1,790,196 mortgage searches during July, up 1% on June, of which residential remortgage searches accounted for 700,628.

Residential purchase searches were 3% lower than June, while first-time buyer searches fell 4% during the month. However, first-time buyer activity was slightly ahead of July last year.

In the buy-to-let market search volumes were slightly below last year.

A market on a ‘steady footing’

Nakita Moss, head of lender at Twenty7tec, said: “July’s data suggests the mortgage market remains on a steady footing. Total search activity edged up by 1% compared with June and remained broadly in line with the same month last year, showing advisers and borrowers continue to engage despite ongoing economic uncertainty.

“Remortgaging was the standout story this month, with searches up 7% month on month and 5% year on year. As more borrowers reach the end of existing fixed-rate deals and lender competition remains strong, advisers have an important role to play in helping clients navigate an increasingly competitive market.”

Joint Borrower Sole Proprietor arrangements remained the most searched lending criteria during July, alongside visa applicants, foreign nationals and borrowers with previous credit issues.