Press releases

Mortgage searches remained consistent in September despite market volatility, reveals Legal & General

Searches on behalf of those looking to remortgage after just six months rose by 15%. Criteria searches that consider a property’s energy performance certificate (EPC) climbed by 16%. 24% increase in searches for retirement interest-only (RIO) mortgages.

21 Oct 2022

Full press release

Legal & General’s SmartrCriteria tool has today revealed that mortgage criteria searches remained consistent from August to September. Strong activity in the Private Rented Sector (PRS) contributed to this, with searches for ‘let-to-buy’ growing by 23% from August to September alone.

Meanwhile, searches on behalf of landlords using gifted equity climbed by 32%, while those for portfolio landlords grew by 18% in the same period (August to September). In a similar vein, searches for HMO mortgages grew by 53%, while criteria searches for top slicing saw a 6% rise.

Uptick in remortgage activity and demand for energy efficient homes

The data also shows that searches for homeowners keen to remortgage after just six months rose by 15%. This coincided with the Bank of England’s seventh consecutive base rate rise on 22nd September, suggesting some borrowers may have looked to lock into new deals ahead of further rate rises.

Elsewhere, criteria searches that consider a property’s energy performance certificate (EPC) climbed by 16%, as awareness around the potential savings afforded by an energy-efficient home continues to grow.

Alternative products prove popular with buyers

The data also reveals a 24% increase in searches for retirement interest-only (RIO) mortgages. In addition, criteria searches on behalf of buyers with missed mortgage payments increased by 11%.

Clare Beardmore, Director, Legal & General Mortgage Club “The number of criteria searches remained promisingly consistent from August to September despite various economic hurdles. However, though the volume may be similar, the type of searches show that the market is changing. September saw another large uptick in remortgage activity, as many five-year fixes came to an end. Anecdotally, it also seems that many homeowners are looking to remortgage and lock into a new deal as soon as possible, rather than wait until their current deal ends, driving activity levels further.

“It’s clear that the market is moving very quickly and that’s why it’s so important that advisers have access to all the tools and tech they need. The right tech can help save advisers significant time, allowing them to keep pace with the market and better support their customers. We know that many advisers need all the support they can get, and this is something we’re working hard to deliver.”

Further information

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Claire Byrd

Senior PR Manager

Legal & General Retail

Notes to editors

Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with £1.2 trillion in total assets under management1 of which 40% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.

1Data as at 31 December 2023.

Legal & General Retail helps create brighter financial futures for all our customers. The division covers the savings, protection and retirement needs of our c.14 million retail policyholders and workplace members.  

In 2023, we had total individual annuity sales of £1,431 million, and issued £299 million of Lifetime Mortgages and Retirement Interest Only Mortgages. Our Workplace pension platform served 5.2 million members, while our Protection businesses gave peace of mind to several million direct, group and US customers, taking in £1,991 million of UK and $1,584 million of US gross written premiums.