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

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