According to data captured on Legal and General Mortgage Club’s SmartrCriteria platform, this was the second most sought after criteria during the month, rising from sixth place in August.
The most searched for criteria was mortgages for those with a visa.
Searches for borrowers with complex financial situations declined month-on-month in Q3. In August, the platform recorded a nine per cent decrease in demand for mortgages to suit those with debt management plans and an eight per cent drop for those with unsecured arrears.
Searches for borrowers with unsatisfied defaults and those employed via contract work also fell by nine per cent and eight per cent respectively.
In September, demand for products suited to borrowers with satisfied defaults and unsecured arrears fell by a further 10 per cent and seven per cent.
Kevin Roberts, director of Legal and General Mortgage Club, said: “It is reassuring to see a wide range of factors driving demand in the mortgage market, especially in light of the stamp duty holiday ending. However, the crisis has in many cases complicated applicants’ financial circumstances and advisers must keep this front of mind.
“Against this complex backdrop, the value of both mortgage advice and technology remains clear.”
Roberts said the use of technology would help brokers navigate the market and attend to client needs.
He added: “With purchase activity expected to return to its pre-pandemic level in the coming months, in light of the end of the stamp duty holiday, now is the time to invest in mortgage technology and prepare for this new and exciting era of the market.”
