June 2023 was the second busiest month for mortgage searches ever, according to data from Twenty7tec.
As part of its monthly mortgage market statistics, the adviser tech provider revealed that purchase mortgage searches were up 0.6% when compared to May.
Remortgage searches were also up 21.9%, reaching their highest ever monthly levels.
According to the search data, buy-to-let (BTL) was also popular in June, with searches up over 11%.
However, first-time buyers, as a percentage of the market, dropped to their lowest level since September 2022, with searches up by only 1.0% nationwide.
The data also revealed that 2-year fixed mortgage products accounted for 42.62% of all fixed product searches throughout June, compared with just 21.35% in June 2022.
Nathan Reilly, director at Twenty7tec, said: “June 2023 saw the Bank of England raise rates further.
“The market seemed to have priced it in ahead of time and so the week before the rise was very busy, as was the week after when thousands of product changes were made.”
He added: “Product availability is now down to their lowest levels, year-to-date and are attempting to handle higher volumes of mortgage queries.
“In particular, the market saw a huge uplift in remortgage searches – up 21.9% on the prior month – alongside a 25% hike in remortgage ESIS documents prepared.”
