Twenty7Tec has reported a fall in residential mortgage searches for the month of June.

The mortgage technology firm recorded over one million searches in the standard residential space in June, more than a 10% fall from the 1.3 million searches in May.

Twenty7Tec’s latest data revealed that the balance between purchase and remortgage searches again shifted slightly towards remortgages in June, to sit at a ratio of 57% to 43% in favour of purchase, having moved from 59% and 41% in May. The proportion of first-time buyer searches remained around their long-term average in June at 19%.

At the end of June, there were 1,200 fewer mortgage products available on Twenty7Tec’s systems, representing a 6.8% drop following a 3.8% drop last month. The data also showed there are now 118 fewer products in the 75% max LTV bracket, which is around 5% of the market.

The data also revealed there were 16,460 mortgage products available on Twenty7Tec’s systems at the end of June, which the mortgage technology firm indicated means the market is now operating at 81.6% of the pre-pandemic product volumes.

Commenting on the figures, Twenty7Tec founder and CEO, James Tucker, said: “I don’t think that we can ignore the drop in total mortgage products available as a signal to the market. It’s now been three months on the trot of fewer products available and advisers and lenders both need to think about all the forces driving that activity.”

Elsewhere, Twenty7Tec’s data also revealed that four of the busiest days ever for green mortgage searches were in June.

“In better news, we appear to finally have lift-off in the green mortgages sector where customers and particularly BTL mortgages are seeking a better rate as a result of their improved EPC ratings on their properties,” Tucker added.

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