Despite the fact that the total volume of enquiries reduced by 22% in April compared to March, lead generation business Echo Ads found that remortgage enquiries rose by 47% month-on-month.
Since 11 May, when restrictions were lifted, the business has found there to be a 25% increase in enquiries, lifting above pre-quarantine levels.
So far in May, remortgage enquiries have remained comparable to April.
However, purchase enquiries have grown by more than 1,000% when comparing volumes during lockdown to those after 11 May.
On Monday 11 May, Echo Ads recorded 1,210 individual visits to its websites, rising to 1,756 on Monday 18 May.
Across April, the company’s most searched term was “best 5-year fixed-rate remortgage”, which changed to “best mortgage rates” in the first part of May.
Lee Trett, director at Echo Ads, said: “Usually our top searched phase is always “best mortgage rates”, so for April to be specifically about remortgages shows how things flipped and how purchase enquires dropped significantly.
“It’s good to see the optimism coming back.”
Trett added: “For me, it shows the demand for households wanting to remortgage and save money was high when the lockdown started.
“As a result, with so many households taking the three-month payment holiday from March/April, I would expect an ever bigger demand to remortgage and save money when their three-month payment holiday ends in June/July.”