Landlords panic to fuel BTL remortgaging searches surge

Landlords panic to fuel BTL remortgaging searches surge

0:03 AM, 26th June 2023, About 8 months ago

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Landlords and homeowners alike scrambled to find out how much it would cost to remortgage after the Bank of England’s base rate increase last Thursday, a data firm says.

Twenty7tec says there was a 39% surge to 40,902 inquiries compared to an average Thursday – which is also 21% higher than any previous interest rate decision day over the past two years.

Of those, buy-to-let mortgage searches by advisers rose by 4.1% to 14,050 inquiries compared to an average Thursday.

However, this figure is 5.7% lower than the average previous interest rate decision days in the past two years.

The firm also highlights that BTL searches now account for the lowest proportion of all mortgage searches since August 2021.

Every day last week was busier

The founder of Twenty7tec, James Tucker, said that every day last week was busier than the corresponding day in the previous week.

That is partly down, he says, to an interest rate rise being ‘baked in’ but the market wasn’t expecting the latest 0.5% increase.

That led to lenders repricing their products though the platform says there are at least 800 fewer mortgage products than a week previously. This number is expected to increase.

Mr Tucker said: “We’ve already seen hundreds of products change in the market over the past week and are expecting more to be changed in light of the new rate announcement.”

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