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Mortgage searches for financially hit borrowers on the rise – L&G

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  • 27/04/2021
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Mortgage searches for financially hit borrowers on the rise – L&G
Searches for mortgages catered to borrowers with financial complications such as furloughed income or missed payments rose in March, according to data from L&G’s SmartrCriteria.

 

The system which is used by over 8,000 advisers found enquiries for products to suit borrowers with a satisfied default rose 40 per cent since February. This indicated that more people who recently paid off arrears were looking for mortgage options during the month. 

Meanwhile, products for those with outstanding missed payments increased 28 per cent. 

People appear to be taking on more jobs to increase their income too. Searches for applicants with a second job jumped 51 per cent, the data showed. 

Additionally, those on a reduced income still required options. While searches for furlough-friendly mortgages fell nine per cent month-on-month, it was the second most sought for criteria in March. 

Clare Beardmore, head of mortgage transformation and operations at Legal & General Mortgage Club, said: “While it is clear that various government incentives are driving many to push ahead with their homeownership plans, the rising number of searches for lenders who will accept applicants with credit impairments and multiple income streams shows that the economic impact of the crisis continues to be felt by many.” 

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