Buy-to-let sees busiest ever month in March: Twenty7tec

March 2023 saw the highest-ever volume of buy-to-let mortgage searches on the Twenty7tec platform in a single month, it has announced.

The data shows that 347,419 searches for buy-to-let mortgages were handled in March, a 12.6% increase on the volume of searches in February.

Yesterday, Twenty7tec announced that March also saw a record number of remortgage searches through its platform.

Nathan Reilly, director at Twenty7tec, commented: “March 2023 saw overall mortgage searches records set and this was also true for the total number of buy-to-let mortgage searches which we handled. In fact, ten of our busiest ever 12 months for buy-to-let have been over the past year.

“The proportion of buy-to-let mortgage searches has, however, been dropping over the past few months since a 12-month high in September 2022 of 20.69% to March 2023’s figure of 18.75%.

“The new record levels of buy-to-let searches have not yet translated into record levels of buy-to-let ESIS documents being created, so it seems as if landlords are having a look, but biding their time a little.

“The March 2023 drop in availability of mortgage products with a max LTV of 65% which means that we have a bit of a mismatch between landlord demand and lender supply at the moment.”