Incredible new data released by Twenty7Tec this month shows that November 2021 was the busiest month for mortgage searches since March 2021 with Remortgages dominating at almost 50% of all mortgage searches.
Remortgages enquiries in November 2021 stand at 43.2% rising to 56.8 per cent when product transfers were also considered most likely caused by inflation changes and uncertainty about mortgage rate rises (which in case you didn’t know have not risen!). Mortgage deals saw an increase of 7%, while all other types saw a slight fall in volumes.
Twenty7Tec’s also revealed that November 2021 was busier than average for all types of mortgages with 17 of the top 20 days for buy-to-let searches being in November. Six of the 10 busiest days this year on the platform for creating ESIS documents were in November, and on November 4th, remortgage ESIS documents overtook purchase ESIS generated for the first time in over a year.
James Tucker, founder of Twenty7Tec says: “Continuing the trend from the previous month, remortgage searches continued to dominate in November 2021. In terms of volumes overall however, November was definitely a month of two halves. Huge volumes of searches and documents created in the first half, and a major drop off in most areas – Buy To Let being the exception – in the second half of the month. If we extrapolate this forward, it could indicate that property transactions through Q1 and early Q2 2022 could be down fairly significantly on 2021. Of course, the new Covid variant could also be starting to play a role in a general slowing down in the market.”
As a brokerage, Oportfolio luckily has a lot of happy returning clients who come to us regularly to look at remortgaging options and these number released by Twenty7Tec show quite how prominent the remortgaging market has been over the last couple of months. To us there is only really two outcomes that we could potentially see, 1) This trend continues as interest rates SLOWLY rise to cool the inflation or 2) Interest rates do not rise or at least drastically rise, and people start to realise this and remortgaging slows down, allowing for other mortgage types to rise i.e., first time buyers coming back to the market.
If you or someone you know is worried about remortgaging and potential interest rate changes, we are here to help! Feel free to give us a call on 02088771169 to speak with a friendly member of our team.
