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Advisors searching for more furlough compatible loans

Legal & General Mortgage Club is stating that its criteria search data for January shows that loans suitable for borrowers on furlough topped the list of searches by advisors during that month.

This data reveals that there was a 230% rise in the number of ‘furlough friendly’ loan searches by advisors in the period from December to January. Legal & General’s Mortgage Operations and Transformation Chief, Clare Beardmore, said that this reflected the need that borrowers in that position have for help in dealing with their mortgages and finances.

Beardmore went on to say that she expected the level of demand for mortgage products that were compatible with the needs of furloughed workers to remain high, before adding that it showed that the pandemic had left a lot of people in complicated financial positions, which meant help from advisors was absolutely essential.

Legal & General Mortgage Club enjoyed its best ever month in terms of mortgage searches during January, with a 69% increase on the previous month, and 76% were for residential loans. Beardmore said that this indicated that the mortgage sector was in good health.

She concluded by saying the figures proved that people were still keen to go ahead with plans to buy their dream homes, and that they were still managing to find the loans needed to buy these properties with the support of their mortgage advisors.

It is precisely when clients have complicated circumstances that advisors can employ their CeMAP mortgage advisor training to make a real difference.

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