L&G reports rise in first-time buyers searching for BTL properties

Criteria searches from first-time buyers, first-time landlords and non-owner occupiers have seen an 18% increase since the beginning of September, according to new data from Legal & General Mortgage Club.

The club’s SmartrCriteria tool, which helps advisers to quickly determine which lenders would consider a particular mortgage applicant, showed that searches for these applicants with these circumstances had risen from fourth to first place during the month.
The data also showed that “holiday lets”, such as AirBnB style ventures, was the second most searched term among advisers in September, slipping from the top spot in August.

L&G Mortgage Club highlighted that international travel restrictions have fuelled an increase in demand for holidays in the UK rather than travelling abroad, and the club’s findings revealed that many first-time property investors are looking to purchase buy-to-let (BTL) properties in response to the trend.

SmartrCriteria figures also showed a jump in the numbers of advisers searching for products on behalf of expatriated clients, with search criteria for “Expat not in UK” increasing by 50% since the beginning of September, and the majority of searches also looking for BTL mortgages.

“Despite the impact of coronavirus, we are seeing rising demand across the housing market with BTL in particular enjoying a mini-boom,” L&G Mortgage Club director, Kevin Roberts, commented.

“Our latest findings from SmartrCriteria suggest a growing number of first-time buyers are searching for mortgages for BTL ventures, including those engaging with the growing trend towards staycations this year.

“Amidst this continued high demand we are seeing in the mortgage market, thousands of borrowers are clearly turning to independent advisers to help them with their plans and these experts are playing a vital role for consumers.

“There have been thousands of criteria changes since the lockdown and mortgage advisers are supporting seasoned property investors, first-time landlords and other buyers to find lenders and products that meet their needs.”

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