Last week’s interest rate rise prompted a surge in borrower and broker activity, with Twenty7Tec recording its busiest day for remortgage searches, and its third highest day for total mortgage searches.
Its latest update says that the seven-day rolling average of searches following the Bank of England’s decision was within 1% of the all time high set in February this year.
The busiest day for mortgage searches was 7 Feb, with Twenty7Tec data showing the busiest day for buy-to-let searches was 9 Feb.
While February and March have proved to be record months for mortgage searches, Twenty7Tec’s figures show that the number of searches did fall back in April by 20% to 1.3m searches — the lowest monthly figure since the October 2021. This reflected a modest decline in both buy-to-let and residential searches over the month.
Twenty7Tec’s director of lender relationships Nathan Reilly says that the BoE decision to raise interest rates to 1% has affected the market — leading to another burst of activity in what has proved to a busy market so far in 2022.
“Buy-to-let has bounced back to near record levels after last month’s mini slump. Two of the last seven days have been among the busiest ever for remortgage searches and among the busiest ever for formal mortgage documents being created too. Wherever you look, the mortgage market is incredibly busy.”