There has been a sharp increase in the number of searches completed by advisers looking for furlough-friendly mortgages between October and November, according to new data from Legal & General Mortgage Club.

In October, Legal & General’s SmartrCriteria tool recorded 175 searches for furlough-friendly products but in November this increased by 230 per cent to 577 searches.

The government announced on 5 November that the Coronavirus Job Retention Scheme would be extended until 31 March.

The number of furloughed borrowers wishing to secure new mortgage finance has skyrocketed, says Legal & General, as advisers work to secure suitable finance options for borrowers.

Legal & General Mortgage Club director Kevin Roberts says: “Following the chancellor’s announcement last month confirming the government’s commitment to extend the furlough scheme, we are seeing more borrowers turn to the expertise of mortgage advisers to find furlough-friendly mortgages.

“Our latest findings from SmartrCriteria suggest the numbers of people looking for these products increased significantly in response to the extension of the scheme.

“Other incentives such as the stamp duty holiday have also made this an attractive time for furloughed workers to press ahead with their homebuying plans as they look to potentially save thousands in tax before 31 March.”