January is often a time of financial reflection and planning for the year ahead, and this was certainly true in the UK mortgage market in 2020. According to Twenty7tec, a leading provider of mortgage technology, January was the busiest month for mortgage and remortgage searches in 2020.
The figures from Twenty7tec show that searches for mortgages and remortgages in January 2020 were up by 8.9% compared to December 2019. This was the highest monthly increase since October 2019, when searches rose by 9.2%. The data also showed that the number of searches for mortgages and remortgages in January 2020 was up by 11.3% compared to January 2019.
The figures suggest that many people were looking to take advantage of the competitive mortgage rates available in the market. With interest rates at historic lows, borrowers were keen to secure a good deal on their mortgage or remortgage.
The figures from Twenty7tec also showed that the number of applications for mortgages and remortgages in January 2020 was up by 6.5% compared to December 2019. This suggests that many of the searches conducted in January resulted in applications being made.
The data from Twenty7tec highlights the importance of the mortgage market in the UK economy. With many people looking to secure a good deal on their mortgage or remortgage, it is clear that the mortgage market is an important driver of economic activity.
It is also worth noting that the figures from Twenty7tec show that searches for mortgages and remortgages in January 2020 were up by 11.3% compared to January 2019. This suggests that the mortgage market is still going strong despite the uncertainty caused by Brexit and the coronavirus pandemic.
Overall, the figures from Twenty7tec show that January 2020 was a busy month for mortgage and remortgage searches in the UK. With interest rates at historic lows, many people were looking to secure a good deal on their mortgage or remortgage. The data also suggests that the mortgage market is still going strong despite the uncertainty caused by Brexit and the coronavirus pandemic.