Broker searches for both self-employed clients and those with Visas remained robust in April, according to new data from Legal & General Mortgage Club’s SmartrCriteria tool.
SmartrCriteria tracks product searches from over 8,000 advisers to highlight the purchase and remortgage trends across the mortgage industry.
The mortgage club’s data revealed that searches using average or the latest years’ accounts provided by self-employed borrowers grew by 64% in April, while searches using their account evidence or accounts spanning several years jumped by 80%. Searches for self-employed sole traders also grew by almost half (43%).
As in March, ‘Visa’ was the most-searched criteria point in April with the volume of searches only dropping by 4% from the previous month. Similarly, searches for overseas customers also climbed by a third last month (33%).
Furthermore, L&G’s data revealed that April saw a 24% rise in searches using environmental criteria, albeit from a low base. The mortgage club suggested this could be an indication of a growing number of products in the green mortgages space, or an uptick in demand from borrowers for green products.
L&G Mortgage Club director, Kevin Roberts, said the findings are a reminder of the “resilience of the UK property market”.
“Despite wider economic pressure, demand so far has remained steady, and in some areas of the market is even rising. This includes a rise in the number of borrowers seeking green mortgages,” Roberts commented.
“Brokers are well placed to help borrowers to find these products, amongst other mortgages. However, to deliver the best outcomes for their customers, it’s important that brokers are equipped with the right tools. By allowing technology to take the burden of administrative work, we can give advisers more time to do what they do best: deliver great advice that supports their clients’ needs.”
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