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

15 April, 2024

Only 2 in 10 UK homeowners have income protection (1), even though it’s likely to be needed at som

Don’t rely on savings or sick pay With income protection, you wouldn’t need to use savings if you were off work. Besides, 42% of working adults think their savings would only last them for up to

9 April, 2024

Getting onto the property ladder continues to be a challenge for younger generations, as 63% of firs

The cost of buying a home is significantly more expensive than a decade ago for the average FTB, who is 32 years old. For those purchasing their first home, deposits are an average of 67% higher than

4 April, 2024

Death rates are still higher than pre-pandemic¹ levels, yet 48% of adults aged 18-40 do not have li

Research has found that, in Great Britain, a premature death can cost surviving family members an average of £195,475 over the course of ten years2. These estimates are based on the hypothetic