The firm’s latest data showed that searches for buy-to-let mortgages rose 23 per cent, signalling strength in the private rental sector. Queries for landlords using gifted equity increased by 32 per cent, while broker searches on the behalf of portfolio landlords went up by 18 per cent between August and September.
Searches for homes in multiple occupancy increased by 53 per cent, while there was a six per cent rise for top slicing criteria.
Residential activity
Among owner-occupiers, there was a 15 per cent uptick in searches for homeowners wanting to remortgage six months into their fixed rate period. This coincided with the base rate rise on 22 September, indicating a desire to lock in a new rate before further increases.
Queries for mortgages which consider a property’s energy performance certificate (EPC) increased by 16 per cent during the month.
There was also a 24 per cent rise in searches for retirement interest-only mortgages, while options for borrowers with missed mortgage payments increased by 11 per cent.
Clare Beardmore (pictured), director of Legal and General Mortgage Club, said: “The number of criteria searches remained promisingly consistent from August to September despite various economic hurdles. However, though the volume may be similar, the type of searches show that the market is changing.
“September saw another large uptick in remortgage activity, as many five-year fixes came to an end. Anecdotally, it also seems that many homeowners are looking to remortgage and lock into a new deal as soon as possible, rather than wait until their current deal ends, driving activity levels further.”
She added: “It’s clear that the market is moving very quickly and that’s why it’s so important that advisers have access to all the tools and tech they need. The right tech can help save advisers significant time, allowing them to keep pace with the market and better support their customers. We know that many advisers need all the support they can get, and this is something we’re working hard to deliver.”
