Searches for furlough friendly mortgages skyrocketed in January, rising by 230% to become the most frequently searched criteria, according to data from Legal & General Mortgage Club.
Its SmartrCriteria tool recorded its highest ever volume of mortgage searches in January, a 69% increase compared to the previous month.
Clare Beardmore, head of mortgage transformation and operations at L&G Mortgage Club, commented:“Our latest data paints a promising picture for the mortgage market. Clearly, many people are continuing to press ahead with their homeownership ambitions and in many cases advisers are successfully matching them with the mortgage products they need to step onto and up the property ladder.
“However, while the total volume of activity rose in January, we’re continuing to see strong demand among consumers for furlough friendly mortgage products. While this isn’t altogether surprising given the effects of lockdowns over the past year, it’s yet another sign that thousands more borrowers with complex circumstances will need the support of advisers to help them find suitable mortgage options in the months ahead.
“At Legal & General Mortgage Club, our ambition is to continue developing tools like SmartrCriteria which support intermediaries with their product decision making. We believe that tools like these can ultimately improve operational efficiency and ensure borrowers with diverse needs have access to the best products for their circumstances. We are committed to improving advisers’ workflow through our technology, and our criteria search tools are continually under development to help us achieve this.”
Original Article from Financial Reporter 15/02/2021