In June, Twenty7Tec saw a fall in mortgage searches across all mortgage types, based on its mortgage platform data.
The drop in mortgage searches for sub £250k properties remains in the single figures but widens to a 14.65% drop compared to last month for properties valued at over £1m.
Twenty7Tec has now had three months of fewer products available at month end compared to the prior month. There are 1,200 fewer mortgage products available than at the previous month end, which represents a 6.8% drop after a 3.8% drop the previous month.
The technology firm reported that there are now 118 fewer products in the 75% maximum LTV bracket, around 5% of the market. The market is now operating at 81.6% of the pre-pandemic product volumes.
Meanwhile, the volume for green mortgage searches remain very low (0.06% of the monthly mortgage searches) but have quadrupled in the past eight months and are proving increasingly popular for buy-to-let mortgages; green buy-to-lets now trend towards one-third of the total green mortgage market. June 2022 saw four of the top 15 ever busiest days for green mortgage searches.
James Tucker, founder and CEO of Twenty7Tec, said: “I don’t think that we can ignore the drop in total mortgage products available as a signal to the market. It’s now been three months on the trot of fewer products available and advisers and lenders both need to think about all the forces driving that activity.
“In better news, we appear to finally have lift-off in the green mortgages sector where customers and particularly buy-to-let mortgages are seeking a better rate as a result of their improved EPC ratings on their properties.”
