January saw a significant increase in enquiries about furlough friendly mortgages, with searches rising 230% from December, according to data from Legal & General’s SmartrCriteria tool.

This increase followed a similar rise in November and means that mortgages for furloughed borrowers became the most frequently searched criteria on the tool.

The data also revealed that criteria searches for residential mortgage products made up 76.3% of the overall total of searches in January.

L&G announced that SmartrCriteria recorded its busiest month on record in January, with searches increasing by 69% on December. The tool was first launched by L&G in January 2019 and currently has more than 8,000 registered advisers.  

“Our latest data paints a promising picture for the mortgage market,” commented L&G Mortgage Club head of mortgage transformation and operations, Clare Beardmore.

“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.”

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