Mortgage Loan Values And Searches Fall By A Tenth
Mortgage loan values fell by 14 per cent yesterday when compared with the same time two weeks ago and 3.4 per cent down on last week.
According to Twenty7Tec’s ‘mortgage market statistics’ for March 23rd, both searches and mortgage applications were down by over a tenth on recent weeks.
The volume of searches yesterday was down by 15.46 per cent on the same time last week and 18.77 per cent down on the figures recorded two weeks ago.
Similarly, the total volume of searches over the past seven days, was also down by 11.81 per cent on the week previous.
Finally, the mortgage industries technology solutions provider found that documents prepared yesterday were 5.4 per cent down on day a week earlier and 13.3 per cent down on the figures from two weeks ago.
James Tucker, CEO of mortgage technology provider Twenty7Tec, commented:
“The number of mortgage searches from Monday this week are down 15.5% compared to Monday last week. The number of was also down by almost 12% for the seven days to yesterday compared to the week before.
“In ‘normal’ weeks, we’d see a Monday spike in activity as weekend viewings turn into mortgage searches, but this has been flatter for the past couple of weeks, with the rest of the week then failing to make up the difference.
“Remortgaging levels are very consistent over the past week, with the dips in activity coming from the purchase side. That said, the purchase versus remortgaging split is currently hovering around long-term averages at 47:53.
“In a couple of days’ time, we’ll be able to see how much the three-month mortgage holiday has been able to shore up confidence in the mortgage market as we will be able to compare the whole week after the announcement with the week prior. The Chancellor’s announcement last Tuesday will have taken time to filter through the system, so it will be interesting to see how much difference it has made.”