March saw continued robust activity in the UK mortgage market, as detailed in the latest report from Legal & General Ignite.
The platform, which aids with mortgage research and sourcing, observed strong demand, especially in sectors requiring complex borrowing solutions.
Searches for second residential homes increased by 7%, despite recent changes to property capital gains tax announced in the Spring Budget.
Interest in interest-only mortgage products decreased by 8%, correlating with the stabilization of interest rates. Searches related to ‘visa’, ‘default satisfied’, and ‘first-time buyer’ remained the most popular, indicating a steady focus on complex borrower needs.
Jodie White, head of mortgage products & transformation at Legal & General Mortgage Services, provided insights into the current market dynamics: “While the mortgage market isn’t entirely out of the woods, the March data gives good reason to be cautiously optimistic.
“Overall, activity remains robust, and searches for some of the more concerning criteria searches (such as debt management plans) are starting to drop.
“The stabilisation of swap and interest rates has played a big part in this – while the average fixed rate Buy to Let product was priced at 6.88% in August, it now sits at a much lower 5.52% according to Moneyfacts.”
