According to Legal & General Mortgage Club, mortgage searches by brokers seeking lenders willing to lend to borrowers with unsatisfied defaults jumped by 108% between March and April.
Legal & General Mortgage Club head of mortgage transformation and operations Clare Beardmore says: "Overall, activity in the mortgage market continues to be high, with many people currently looking to buy and sell.
"However, over recent months, it has become clear that the crisis has also led to an increase in the number of borrowers needing mortgages which cater for complex needs, such as missed payments and furlough income. Advisers and advice have arguably never been as important for many borrowers."
While a significant percentage of UK homebuyers and homeowners use a mortgage broker, many individuals continue to miss out on potential opportunities to save money by staying with their current lender or simply switching to a new rate without understanding what else is available to them. Or in situations such as "defaults", individuals can be turned away and believe this is the end of the road.
This is where we, as mortgage brokers, step in. Not only do we take the stress and pressure away from you when acquiring your first mortgage, or finding the best remortgage product for you, but we also make sure you get the best possible product available to you with the right lender for you.
We're a whole-of-market broker, so we have access to nearly every mortgage out there. We also have access to exclusive deals that banks and societies do not always offer directly to customers. We have decades of experience in applications and will manage all the follow-ups, keeping you in the loop throughout.
Not only do we take away the stress of acquiring your mortgage or remortgage, but we also can sort out your protection needs such as critical illness, employment protection or life protection should anything happen. And, when your product is nearing its change date, you don't have to worry because we will already be looking at the latest and best product for your remortgage and will get in touch.
Successfully achieving our clients' insurance and mortgage needs is of paramount importance to every team member. We are qualified and trained to help you, and as whole market brokers are not tied to any provider, we work entirely for you - no matter how complex your situation is.