A spike in buy-to-let (BTL) purchase activity was recorded in the mortgage market during June, according to new data from Legal & General’s SmartrCriteria tool.
The mortgage club revealed that searches on behalf of portfolio landlords soared by 21%, while those for consumer BTL mortgages grew by 7%. ‘Holiday let/Air BnB’ was also the ninth most searched criteria point, climbing from tenth in May.
L&G’s SmartrCriteria tool tracks product searches from over 8,000 advisers to highlight purchase trends across the UK.
June’s data has also indicated that family members are continuing to play a key role in helping first-time buyers onto the property ladder. ‘First-time buyer/first-time landlord/non-owner occupier’ was the third most used criteria point, while ‘joint borrower sole proprietor’ was the fifth most searched.
Furthermore, the SmartrCriteria data revealed that demand for specialist products remained high in June, with searches on behalf of applicants purchasing discounted market sale properties jumping by 66%. Let-to-buy applicants also climbed by 7%. As was the case in May, most searches were made on behalf of applicants with a VISA.
Legal & General Mortgage Club head of lender relationships, Danny Belton, commented: “It is reassuring to see strong demand across the board despite wider economic pressure. The fifth consecutive base rate rise, which came mid-month, does not seem to have dented the high levels of activity in the market and brokers and lenders alike are still as busy as ever.
“With product criteria changes coming thick and fast, advisers have a crucial role in reassuring and educating buyers through what might be a more difficult mortgage journey.”
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