Broker searches for capital raising mortgages have been trending upwards in recent months, according to data from Legal & General’s SmartrFit tool.
L&G said this could suggest that more borrowers are considering their financial options during the ongoing cost of living crisis.
Capital raising mortgages allow homeowners to remortgage their property to release funds for other purposes. With “capital raising” identified as the third most used search criteria by brokers using SmartrFit in April, the search term has continued to grow in popularity during recent months, having ranked as the sixth most popular term in January, fifth in February and third in March.
L&G suggested the trend could be an indication that more borrowers are looking to borrow against their property. Historically, this extra borrowing has been used by many homeowners to finance home improvements.
The April data also confirmed that Visa remained the most popular search criteria used in April. This has held the top spot since October, suggesting the UK market remains an appealing destination for overseas borrowers.
Head of mortgage products and transformation, Jodie White, said: “This month’s figures are a great insight into the kinds of products that borrowers are currently looking for and the consistent rise in searches for capital raising mortgages is a clear example of how the market is continuing to evolve.
“New products and increasing innovation from lenders are giving buyers more choice, but they also mean that advice is even more valuable. Brokers are already playing a key role in this rapidly moving market and it’s more important now than ever that buyers can access the best possible financial advice.”
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