October 2022 was the third-busiest month ever for total mortgage searches, according to Twenty7tec.
The mortgage platform has issued its findings based on data for October 2022.
According to the data, the first week of October 2022 saw the most mortgage searches for remortgages ever on the platform
James Tucker, CEO of Twenty7tec, said: “The frantic September market continued into the first week of October, but then things dropped off as the month progressed.
“Mortgage availability stabilised around the 10,000 products and variants mark, and volumes calmed towards longer-term averages.
“It’s possible that November will also prove a month of two halves given the Chancellor’s statement on November 17th, two weeks after the Bank of England’s November 3rd interest rate decision meeting.”
Furthermore, the data showed total searches for fixed products actually dropped in October 2022, but rose for all other product types, notably tracker mortgages where volumes rose over 50%.
The month ended 52:48 for purchase v remortgages, but the second half of the month was 57:43 purchase and the first half was 60:40 remortgage – a month of two halves.
The month ended with 49% more products/variants available than at the end of the prior month.
