Twenty7Tec reports 12 busiest days for ESIS documents in April

Twenty7Tec has reported that its 12 busiest ever days for ESIS documents for 95% LTV and above products were recorded in April.

The mortgage technology expert stated that one ESIS document was produced every eight seconds “all day, every day” through the month. 

By the end of the month, 95% LTV and above searches accounted for more than one in five of all mortgage searches on Twenty7Tec’s systems, while first-time buyers also made up over 22.5% of the month’s mortgage searches.

Twenty7Tec also suggested that its data shows the end of the stamp duty free period effect is already affecting volumes above £250,000, with mortgage search volumes for properties over £250,000 already dropping.

“In April, we saw the baton passed,” commented Twenty7Tec CEO, James Tucker. “In order to hit the end June deadline, most mortgages will have been processed by end April.

“Hence a dip in volumes in some segments of the market. However, overall volumes remained high because on April 19, the government's 95% guarantee scheme kicked in and volumes took off.

“The 95%+ scheme is a longer term play to keep the first-time buyer market active and appears, to date, to be working. Let's see what May brings us.”

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