By the end May 2021, 95% loan-to-value (LTV) searches accounted for 18% of all mortgage searches, ahead of the year-to-date average of 15%, according to Twenty7Tec’s Monthly Market Report.
The report also found that purchases contributed 68% of the market in May 2021, while remortgages accounted for 32%.
There was 2.96% growth in products available as of May 31 2021 compared to April 2021.
The seven busiest days ever for European Standardised Information Sheet (ESIS) documents on a seven-day rolling basis were in May 2021, with 11 May proving to be Twenty7Tec’s busiest day ever for creating ESIS documents.
First-time buyers made up 21.6% of the mortgage searches in May 2021, lower than in April 2021.
In May 2021, average searches per document produced dropped to 3.5, the long-term average.
James Tucker, chief executive of Twenty7Tec, said: “We live in interesting times. The end of the stamp duty holiday is on the horizon and the adjustments to the new market conditions are already happening.
“We’ve seen fewer searches in most price ranges and LTV ranges in May as focus turned to creating ESIS documents which could hit the deadline of 30 June.
“Ironically, just as volumes dropped back further for the second month on the trot, product volumes rose above 12,000 for the first time in over a year.
“June is going to be interesting.”