Furlough-friendly mortgage searches skyrocket by 230%

The number of searches made by financial advisers looking at furlough-friendly mortgages has increased by 230%.

New data from Legal & General Mortgage Club revealed that between October and November, the number of searches in this area rose from 175 to 577.

Since the government’s announcement on 5 November confirming that the Coronavirus Job Retention Scheme would be extended until 31 March, the number of furloughed borrowers wishing to secure new mortgage finance has risen sharply as advisers work to secure suitable finance options for borrowers across the UK.

Legal & General Mortgage Club director Kevin Roberts said: “Other incentives such as the stamp duty holiday have also made this an attractive time for furloughed workers to press ahead with their homebuying plans as they look to potentially save thousands in tax before 31 March.”

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