Homebuyers seek specialist mortgage options

The number of people seeking specialist mortgages increased going into Q3 2021, according to research from Legal & General.  

This is according to mortgage broker search data gathered by the financial services provider L&G1, which revealed a significant jump in searches on behalf of borrowers with credit impairments between June and July 2021.

Searches on behalf of borrowers with satisfied payment defaults came within the top three most sought-after criteria, while searches for unsecured arrears and unsatisfied defaults made it into the top 15. Meanwhile, there was a 17% increase in demand for mortgages suitable for fixed-term contract workers and a 24% increase in searches on behalf of borrowers with bankruptcy.

Advice is paramount

Clare Beardmore, Head of Mortgage Transformation and Operations at Legal & General’s Mortgage Club, commented, “Amidst this backdrop of complex borrower needs, the role of advisers in helping clients to access competitive lending options has become ever more important and for homeowners across the UK, the need for guidance and support when it comes time to find a new mortgage is clear.

If you have specialist, or any mortgage needs, then please contact us for expert advice.

Your home may be repossessed if you do not keep up repayments on your mortgage
1L&G, 2021

14 December, 2021

More news

20 April, 2022

We've all heard tales that moving home is one of life’s most stressful events, but there are steps
Chain reaction The main factor that usually hampers the speed of a sale is when one transaction is dependent on the completion of another. Once a chain is broken, it can either cause long delays or fo

31 March, 2022

We all know financial commitments are a fact of life. Mortgage repayments and household bills aren
Protection barriers Having appropriate protection in place means you and your loved ones will be covered should the worst happen. When everything is running smoothly, financial commitments can fade in

22 February, 2022

Although remortgaging could save a typical homeowner thousands of pounds, research highlights a dist
Caught in the SVR trap While the last few years have seen interest rates at historically low levels, homeowners can still find themselves significantly overpaying if they don’t switch when a fixed r