Criteria searches for lenders willing to consider borrowers with unsatisfied defaults rose by 108% last month, according to data from Legal & General Mortgage Club’s SmartrCriteria tool.

The findings suggested that advisers also searched extensively for mortgage options for borrowers with satisfied defaults, which formed the third most frequently searched criteria point

L&G Mortgage Club suggested that mortgage advisers continued to complete thousands of searches in April for lenders willing to consider borrowers with complex financial circumstances.

Demand for furlough-friendly mortgage providers also remained high in April, appearing in the top 10 most sought-after products for the fourth month in a row.

“Overall, activity in the mortgage market continues to be high, with many people currently looking to buy and sell,” commented L&G Mortgage Club head of mortgage transformation and operations, Clare Beardmore.

“However, over recent months it has become clear that the crisis has also led to an increase in the number of borrowers needing mortgages which cater for complex needs, such as missed payments and furlough income. Advisers and advice have arguably never been as important for many borrowers.

“Processing more complex cases is often challenging because of the time burden associated with finding a mortgage which meets specialist needs.”

The SmartrCriteria tool was launched by L&G in 2019 and now has more than 8,000 registered advisers. The service is free to use, regardless of whether or not an adviser is a member of the mortgage club.  

Beardmore added: “A good research tool can make the process much more efficient by ensuring the right products are just a few clicks away. I would encourage any advice business which is not yet exploring the digital resources on offer to consider how it could help them to better manage the demand we see currently.”

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