Advisers were sourcing furlough-friendly mortgages more than any other criteria in February, according to new data from Legal & General’s SmartrCriteria tool.

L&G revealed that more than 1,000 searches relating to furlough-friendly mortgages were logged during the month.

The SmartrCriteria tool, which helps advisers determine suitable mortgage lenders for their clients, also showed that search volumes continued to rise, increasing by 8% between January and February. This follows a 69% increase in January which L&G suggested means that activity in the mortgage market has remained strong in the opening months of 2021.

The data also showed a 27% increase in searches for lenders that would consider borrowers who had missed a mortgage repayment.  

With lockdown restrictions soon to be eased, there are still around 4.7 million individuals who remain reliant on the government’s furlough scheme. L&G revealed that this continued focus of advisers on mortgages for furloughed borrowers during February followed a 230% rise in searches for these products between December and January.

L&G Mortgage Club head of mortgage transformation and operations, Clare Beardmore, commented: “The wide-ranging implications of COVID-19 are continuing to play out in the mortgage market and it’s clear that advisers are playing a critical role for borrowers.

“Not only are many focusing their efforts on finding lenders that meet the needs of those with more complex financial circumstances, including those on furlough, but they are increasingly supporting others with more affordable routes onto the ladder too.

“SmartrCriteria is helping these intermediaries to efficiently source mortgages at a time where the market is incredibly busy and when a growing proportion of borrowers are needing specialist support.

“We are committed to helping improve operational efficiency, and the continued development of tools like SmartrCriteria will support intermediaries in matching customers to products that best suit their needs.”

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