Twenty7Tec: FTBs make up 20% of September searches

Jake Carter

October 5, 2021

laptop mortgage searches

Of all mortgage searches in September 2021, first-time buyers (FTBs) accounted for 18.8%, according to Twenty7Tec’s monthly mortgage market data for September 2021.

However, September was the lowest ranking month for first-time buyers as a percentage of all mortgage searches in 2021, and 14th out of the last 16 months.

The report also shows that 38.4% of searches were for remortgages as a proportion of the mortgage market in September 2021, compared to 61.6% which were for purchases, excluding product transfers.

There was also an 8% rise in mortgage searches for properties valued at over £1m last month.

The eight busiest days for remortgaging documents created in the past year were in September 2021 and the market share of 95% loan-to-value (LTV) deals fell from a recent high of 7.06% in April 2021 to 3.86% in September.

James Tucker, chief executive of Twenty7Tec, said: “Life after the stamp duty relief starts here.

“This is the new normal: a legacy 95% guarantee scheme, but much else has returned to pre-pandemic market set up.

“The story of the month from September was that buy-to-let is back and remortgaging is also heading toward its long-term norm (40:60 of remortgage:purchase).

“Perhaps October will see the usual pre-Christmas rush? We’ll report as soon as we know next month.”

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