Homeowners seem to be finding it harder to afford their mortgage, as searches for interest-only products has risen by 9%, data from Legal & General Ignite has found.
Some 15% more are also searching for the minimum required period of employment when taking out a loan
‘Satisfied defaults’ moved up to the second highest search term – from third in January – as searches increased by 7%.
Jodie White, head of mortgage products & transformation, Legal & General Mortgage Services, said: “There is no denying that 2023 was quieter than many had hoped, but there are already clear signs that 2024 is on much steadier footing.
“The huge competition on mortgage pricing starting at the backend of last year is undoubtedly central to this uptick.”
UK property market benefitting from sustained overseas investment
The UK property market is attracting significant interest from both domestic and overseas buyers and investors, with ‘visa’ remaining the most used criteria since the start of the year.
In a similar vein, searches on behalf of expats not in the UK have grown by 9%, while those for buyers relying on foreign income have skyrocketed by 112% from December.
