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.”
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
