Legal & General Mortgage Club’s SmartrCriteria tool has revealed that searches for furlough friendly mortgages skyrocketed again, rising by 230% in January to become the most frequently searched criteria.
The SmartrCriteria tool recorded its busiest month on record in January, as searches increased by 69% from December.
L&G expect demand to remain high as the stamp duty holiday deadline approaches on 31 March.
Searches for residential products made up 76.3% of the overall total, showing strong demand from owner-occupiers.
SmartrCriteria was launched by Legal & General in 2019 and has over 8000 registered advisers.
Clare Beardmore, head of mortgage transformation and operations at Legal & General Mortgage Club: “Our latest data paints a promising picture for the mortgage market.
“Clearly, many people are continuing to press ahead with their homeownership ambitions and in many cases advisers are successfully matching them with the mortgage products they need to step onto and up the property ladder.
“However, while the total volume of activity rose in January, we’re continuing to see strong demand among consumers for furlough friendly mortgage products.
“While this isn’t altogether surprising given the effects of lockdowns over the past year, it’s yet another sign that thousands more borrowers with complex circumstances will need the support of advisers to help them find suitable mortgage options in the months ahead.
“At Legal & General Mortgage Club, our ambition is to continue developing tools like SmartrCriteria which support intermediaries with their product decision making.
“We believe that tools like these can ultimately improve operational efficiency and ensure borrowers with diverse needs have access to the best products for their circumstances.
“We are committed to improving advisers’ workflow through our technology, and our criteria search tools are continually under development to help us achieve this.”