"Demand remains high for both purchase and remortgage mortgages, but inflation-driven interest rate changes are also influencing the volume of searches that we're seeing."
Twenty7Tec has recorded the largest month-on-month rise in searches since March last year, in part driven by the extra working days in March compared to February.
March 2022 saw five of the ten busiest ever days for mortgage searches on the platform.
Its data shows that mortgage search volumes are growing fastest (14.64% month-on-month) in the £250,000-500,000 valuation range, while the market softened in the 95% LTV range.
£1m+ properties now form a larger percentage of the market for searches than ever before at 4.29%, with searches for properties valued at over £1m rising by 12.95% in March.
The total number of available mortgage products is now at 90.42% of pre-pandemic levels and Twenty7Tec says 24 mortgage providers are currently providing more mortgage products on its platform than ever before.
Nathan Reilly, director of lender relationships at Twenty7Tec, said: "There's a lot of change happening in the mortgage market right now. Demand remains high for both purchase and remortgage mortgages, but inflation-driven interest rate changes are also influencing the volume of searches that we're seeing.
"Comparing March 2022 with the two prior Marches is very hard. March 2020 was the beginning of the UK's lockdown and we quickly went from the height of the market to the lows of the month afterwards. March 2021 was the stamp-duty-driven boom of last year. Nonetheless, March 2022 has exceeded both prior years for total mortgage searches and ESIS documents created."
