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Foreign buyers and equity release downsizers top October L&G mortgage adviser searches

  • 12/11/2020
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Foreign buyers and equity release downsizers top October L&G mortgage adviser searches
Data from Legal & General Mortgage Club has revealed interest among overseas buyers continued to be a driving force behind activity in the mortgage market, alongside potential equity release borrowers in October.

Figures from the SmartrCriteria tool, showed that mortgages for applicants with visas was one of the highest search terms among advisers with requests for ‘expats not in UK’ also on the list of top 10 adviser looked for terms.

The data also showed that ‘maximum age’ was the second most searched term suggesting that older borrowers, including those looking to downsize, were also looking to benefit from the Stamp Duty holiday.

The most popular search within ‘maximum age’ was the 71 to 75-year-old range, which increased by 14 per cent. However, the largest percentage increase was for those aged 85 and over, which saw an increase of 38 per cent in searches during October.

Kevin Roberts, director, Legal & General Mortgage Club, said: “Demand from consumers to buy property in the UK shows no signs of slowing and it’s clear that the Stamp Duty holiday continues to drive activity.

“Lending criteria is changing every day and borrowers face a longer mortgage journey as the market continues to adapt to unprecedented demand. Advisers will be key in helping these borrowers and others to cut through the noise and find the best product for their particular circumstances.”

Data from Twenty7Tec suggested the lockdown saw accelerated mortgage searches across residential and buy-to-let markets but James Tucker, CEO of Twenty7Tec, said this actually reflects a drop off ahead of the lockdown as people concentrate on other practicalities.

“Immediately as the lockdown starts, mortgage search volumes begin to rise again. We’ve seen it again and again this year on a UK-wide, home nation and regional level before and just after we enter lockdown. Any drop is then is consistently mirrored by a spike of mortgage search volumes within a day or two of the lockdown beginning.

He said that buy-to-let searches constituted just over 19 per cent of all searches, adding: “Buy to let search volumes have been relatively steady all year and those are converted into ESIS documents more often than residential searches.”

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