Interest among overseas buyers has continued to be a driving force behind activity in the UK mortgage market during October, according to new analysis from Legal & General Mortgage Club.
The latest figures from L&G’s SmartrCriteria tool, which helps advisers to determine which lenders would consider a particular mortgage applicant, shows that mortgages for applicants with visas was the highest searched term among advisers in October.
SmartrCriteria figures also revealed that searches for ‘expats not in UK’ remained on the list of top 10 search terms among advisers.
The mortgage club said its figures come as the market continues to experience high levels of demand from consumers, including buyers looking to move to the UK and who are seeking to benefit from the stamp duty holiday, which is due to end on 31 March 2021.
Recent L&G Mortgage Club research revealed that buyers need to get their home buying plans underway now to benefit from the tax exemption, after the club suggested the average mortgage journey can take between 15 and 17 weeks.
L&G Mortgage Club director, Kevin Roberts, said: “Demand from consumers to buy property in the UK shows no signs of slowing and it’s clear that the stamp duty holiday continues to drive activity.
“Where previous stamp duty exemptions focused on first-time buyers, the most recent changes are also incentivising those looking to move to the UK, as well as older homeowners who want to downsize. Our SmartrCriteria data shows that both groups are clearly seeking to take advantage of the savings before it’s too late.
“There is an opportunity for advisers to support both groups of buyers. Lending criteria is changing every day and borrowers face a longer mortgage journey as the market continues to adapt to unprecedented demand. Advisers will be key in helping these borrowers and others to cut through the noise and find the best product for their particular circumstances.”
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