Searches for mortgages suitable for first-time buyers (FTBs) rocketed by 64% on an annual basis in 2021, says Legal & General Mortgage Club.

In fact, along with ‘first-time landlord’, it was the third most looked for search in 2020 and the fourth most popular search in 2021.

These insights come as the club’s SmartrCriteria platform commemorates its third birthday. In the name of celebration, Legal & General has reported the top search trends over the last three years put through the tool.

In 2019, the most popular search was ‘capital raising’, followed by ‘expat not in UK,’ with ‘gifted deposit/equity’ running third.

In 2020, the top three were as follows: ‘visa’, ‘maximum age’, and, as stated above, mortgages for FTBs.

By 2021, the top slot was still ‘visa’, second: ‘loan to value’ and third, ‘default satisfied’.

The popularity of the visa search, Legal & General deduces, is because of foreign buyers looking to take advantage of the stamp duty tax break.

This was also the reason for FTB searches increasing so significantly.

The club adds that searches for ‘holiday lets’ grew 25% on the year in 2021.

Legal & General head of broker and propositions Clare Beardmore comments: “The ongoing impact of the pandemic has been undeniable, re-shaping the types of property that buyers look for, and prompting a number of government initiatives that have seen market activity and house prices both surge.

“Moving further into 2022, we appear to be entering another phase for the sector, as we leave behind the rock-bottom rates that have dominated the market for so long.

“Just as we face further potential rate increases, many homeowners and prospective buyers have seen their household finances take a knock, with high energy prices and rising inflation driving a surge in the cost of living.

“SmartrCriteria data from December 2021 has already shown an 8% increase in searches around ‘payday loans’ and there will likely be further financial pressure on borrowers still to come.

“While we await our January 2022 data, we can look ahead to what this new year might bring. The current squeeze on affordability and uncertainty on future rates has the potential to shift borrowers’ preferences towards the comfort of a longer-term fixed rate product, or drive searches for interest-only mortgages that minimise monthly outgoings.”