Mortgage criteria searches remained consistent from August to September despite market volatility following the ‘mini budget’.
According to research carried out by Legal & General’s SmartrCriteria tool, there was strong search activity within the Private Rented Sector (PRS), as searches for let-to-buy grew by 23% in this period.
Meanwhile, searches on behalf of landlords using gifted equity climbed by 32% from August to September, while those for portfolio landlords grew by 18%.
Clare Beardmore, director at Legal & General Mortgage Club, said: “The number of criteria searches remained promisingly consistent from August to September despite various economic hurdles.
“However, though the volume may be similar, the type of searches show that the market is changing.”
This can be seen as searches for HMO mortgages grew by 53%, while criteria search for top slicing saw a 6% rise.
Similarly, searches on behalf of those looking to remortgage after just six months rose by 15%, and criteria searches that consider a property’s energy performance certificate (EPC) climbed by 16%.
In addition, criteria searches on behalf of buyers with missed mortgage payments increased by 11%.
These new figures undoubtedly come about as direct response to the ongoing cost-of-living crisis, as consumers continue to struggle with their finances and seek new pathways to potential savings.
Beardmore added: “It’s clear that the market is moving very quickly and that’s why it’s so important that advisers have access to all the tools and tech they need.
“The right tech can help save advisers significant time, allowing them to keep pace with the market and better support their customers.
“We know that many advisers need all the support they can get, and this is something we’re working hard to deliver.”
