Self-employed and foreign buyers buoy market in April– Legal & General

by | May 31, 2022

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  • Demand from overseas customers climbed by a third
  • Searches for self-employed sole traders up by 43%

Searches for both self-employed clients and those with visas remained robust in April, according to new data from Legal & General Mortgage Club’s SmartrCriteria tool. SmartrCriteria tracks product searches from over 8,000 advisers, shedding light on the purchase and remortgage trends witnessed across the industry.

Surge in searches for self-employed clients

Legal & General Mortgage Club’s data revealed that searches using average or the latest years’ accounts provided by self-employed borrowers grew by 64% in April, while searches using their account evidence or accounts spanning a number of years rocketed by 80%. Searches for self-employed sole traders also grew by almost half (43%). This is a welcome indication that lenders are accommodating this more complex demographic of borrowers.

 
 

International demand remains robust

As in March, ‘visa’ was the most-searched criteria point in April, with the volume of searches only dropping by 4% from the previous month. This was also the top search criteria in 2020 and 2021.* In a similar vein, searches for overseas customers also climbed by a third last month (33%).

Growing focus on environmental credentials

 

Interestingly, April also saw a 24% rise in searches using environmental criteria, albeit from a low base. This is perhaps an indication of a growing number of products in the green mortgages space, or an uptick in demand from borrowers for green products, including those that can help homeowners make renovations to improve their home’s energy efficiency rating.

Kevin Roberts, Director, Legal & General Mortgage Club:

“Today’s findings are another reminder of the resilience of the UK property market. Despite wider economic pressure, demand so far has remained steady, and in some areas of the market is even rising. This includes a rise in the number of borrowers seeking green mortgages.

 

“Brokers are well placed to help borrowers to find these products, amongst other mortgages. However, to deliver the best outcomes for their customers, it’s important that brokers are equipped with the right tools. By allowing technology to take the burden of administrative work, we can give advisers more time to do what they do best: deliver great advice that supports their clients’ needs.”

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