Remortgage searches hit record high in March: Twenty7tec

March 2023 saw the highest-ever volume of remortgage searches in a single month on Twenty7tec's platform, the firm has announced.

The data shows that nine of the busiest ever 12 months for remortgaging have been in the past year.

In March 2023, there were 69.3% more remortgage searches than in March 2020, the month in which the UK went into lockdown.

Nathan Reilly, director at Twenty7tec, commented: “Remortgaging drove a lot of market activity in March 2023. We set some new records and it compares favourably to some of the other major remortgaging milestones we’ve seen over the last couple of years.

“Nine of the 12 busiest-ever months for remortgage searches have been in the past 12 months. Compare that to purchase where only two of the top 12 busiest months ever were in the past year.

“The gap widens further when we look at ESIS documents prepared. For the past seven months, more remortgaging ESIS documents have been created than ESIS purchase documents.

“Remortgaging has definitely been busier for a while now.”