Legal & General’s SmartrFit platform saw an increase in total affordability searches in January compared to the previous months, indicating a robust mortgage market.
The platform also reported a rise in searches for various criteria, with the most significant search term being ‘buyer with Visa,’ used for international buyers.
The data also revealed a surge in searches for portfolio landlords and gifted deposits, while the Forces Help to Buy, First Homes, and Shared Ownership options saw a rise in applications.
However, searches for applicants with financial difficulties such as arrears, defaults, and debt management plans also increased significantly.
Jodie White, head of mortgage products & transformation at Legal & General Technology, said: “The total volume of adviser searches reaching its highest level since September is testament to the resilience of our industry and hard work of our talented professionals who keep the wheels turning.
“However, when you start to dissect the searches it soon becomes clear that while some pockets of demand, such as portfolio landlords, remain extremely strong, others (particularly those suffering financial difficulty) are faring much worse.
“Advisers are tasked with supporting the varied needs and circumstances of these customers as comprehensively and efficiently as possible.
“The more that our industry can digitise the mortgage journey, the more we will streamline operations, benefitting all parties.
“Eliminating re-keying, confirming our shift away from paper-based processes, and further embracing exciting technologies like Open Banking are just some of the ways that we can help advisers to support customers as efficiently as possible during another busy and complex year.”
