Broker searches for homeowners looking for joint borrower sole proprietor (JBSP) mortgages climbed by 17% in March, according to new research from Legal & General Mortgage Club’s SmartrCriteria tool.
The mortgage club said the rise suggests that borrowers are relying on financial support, with activity in the buy-to-let (BTL) market reinforcing this trend as searches for gifted equity on behalf of landlords jumped by 38%.
L&G Mortgage Club’s SmartrCriteria tool tracks product searches from over 8,000 advisers, shedding light on the purchase and remortgage trends witnessed by brokers across the industry.
The data also shows that demand from buyers continued despite rising living costs and soaring house prices, particularly in the holiday let sector. Searches for holiday lets increased by 24% in March, implying that the sector is primed for continued growth, while the BTL market also showed strong demand as first-time landlords drove activity, with searches rising by 23%.
Mortgage searches on behalf of borrowers with complex finances also continued to grow between February and March. The SmartrCriteria data found that searches by advisers for lenders willing to accept borrowers with an unsatisfied default climbed by 46% over the last month, while searches for lenders that ignore communications defaults, such as missed telephone bills, also grew by 65% in March.
“With inflation taking its toll on household expenses, the latest findings of our SmartrCriteria tool reinforce the need for advice, as borrowers look to find a mortgage that suits their changing circumstances,” said L&G Mortgage Club head of broker and propositions, Clare Beardmore.
“The current squeeze may be denting affordability, and, in turn, prompting borrowers to rely on financial support from their loved ones to minimise their borrowing costs.
“Meanwhile, certain borrowers with more complex circumstances are looking to get on the property ladder, or refinance following the pandemic, and will need the guidance of advisers to find alternative mortgage solutions.”
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