The UK is still the most popular destination for international property investors to invest their funds, Legal & General (L&G) Ignite has found.
Data from the mortgage research and sourcing platform has found that searches for ‘visa’ were the most popular criteria used in July by advisers searching on behalf of clients. This has held the top spot for searches since October 2022.
Searches on behalf of borrowers with a visa softened marginally by almost 3.9% in July, following a 15% drop in June and a considerable 28% increase in May.
Searches from expats not in the UK also fell by 9% in July.
Furthermore, searches for non-traditional construction increased by 9% in July, with searches for mortgage products that consider a property’s Energy Performance Certificate (EPC) rating rocketing by over a third to 38%, following a 15% rise in June.
Searches for interest-only mortgage products also increased by 11% from June to July, following a 53% rise from May to June. The spike coincides with the announcement of the mortgage charter by Chancellor, Jeremy Hunt, to support borrowers struggling to meet mortgage repayments.
Under the new mortgage charter, borrowers can contact their lender to discuss alternative options without it affecting their credit score, switch rates up to six months ahead of their current rate expiring or opt to only pay the interest due to a six-month period.
Head of mortgage products and transformation at L&G Technology, Jodie White, said: “The uptick in searches for interest only mortgages certainly characterised July and can be linked to the announcement of the mortgage charter the month prior. Borrowers are leaning on this support as the market continues to grapple with the new interest rate environment and wider cost of living pressure.
“We have since seen swap rates and interest rates stabilise, providing hope for more positive August and September figures. With many of us returning from a well-deserved summer break, it is an opportune time for advisers to reassess the technology at their disposal to help line up a successful final quarter.”
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