According to data from Legal and General Mortgage Club’s SmartrCriteria tool, first-time buyer product searches were the third most searched criteria point by advisers in October.
In November first-time buyer searches increased by eight per cent on the prior month.
Searches for gifted equity rose by 38 per cent between October and November, which Legal and General Mortgage Club said indicated that the Bank of Mum and Dad continued to play a pivotal role in first-time buyer purchases.
Overall product searches were up three per cent in November, which suggested the stamp duty holiday did not dampen market activity.
SmartrCriteria data also showed that demand for lenders considering credit-impaired customers fell month-on-month. Missed mortgage repayment searches fell by 10 per cent and customers with debt management plans were nine per cent lower.
Data also showed an increase in searches for portfolio landlords and ex-pat borrowers.
Clare Beardmore, head of broker and propositions at Legal and General Mortgage Club, said it was “promising” to see first-time buyers continue to support demand in the housing market, which she said had remained buoyant despite the stamp duty holiday ending.
She added there were “positive signs” that borrowers were rebuilding their finances as credit impaired searches were falling.
Beardmore said: “Going forward, advisers have an important role to play in helping them find products that meet their unique needs, and the role of technology in this task cannot be understated.
“Automating processes, such as affordability calculations, and other administrative tasks, will create that seamless, customer-led journey, which we are all keen to secure. It’s vital that we sustain the momentum of the past year and ensure that advisers have the right tools in place to respond to the evolving expectations of customers.”
