"Despite coming hot on the heels of an outstanding January and yet subject to the Chancellor's Budget in March 2021, February surpassed expectations."
Twenty7Tec reported a 9.94% increase in total value of loans documented using its systems compared to January, and documented £43.7bn of loans equating to £13.9bn of gross mortgage lending in February.
Searches were up across all types of mortgages, including a noticeable rise in buy-to-let volumes of almost 7%.
First-time buyers made up almost 20% of the mortgage searches in February, with Twenty7Tec also seeing a 10% rise in the volume of mortgage searches for houses valued over £1m.
James Tucker, CEO at Twenty7Tec, commented: “Despite coming hot on the heels of an outstanding January and yet subject to the Chancellor's Budget in March 2021, February surpassed expectations.
"Volumes were up across the board for both searches and documents prepared. Equally, the ratio of purchase to remortgage (65:35) appears settled. The ratio of first time buyer searches also appears settled at around 20%.
"We'll report back on the effects of the Budget announcements as they begin to affect our figures.”
