Older borrowers dominate broker searches: Knowledge Bank

Residential loan searches continue to relate to the needs of older borrowers with three out of the top five categories relating to a borrower's age. The most popular searches performed by mortgage brokers in March included those for lenders who offered the most generous criteria regarding the maximum age at the end of the mortgage term.

Tenure became the most searched criteria category within equity release for the first time in the criteria index. The top searches within equity release have shifted in recent months from factors affecting the loan to considerations relating to the property itself. Brokers searched for lenders who will consider timber and non-standard construction in addition to properties with an annex or outbuildings.

Within the buy-to-let sector, searches for lenders who will allow first-time landlords once again took the top spot. Additionally, searches for lenders that allow HMOs entered into the top five for the first time. Anecdotal evidence suggests that changes to rules surrounding HMOs is leading brokers to delve deeper into this area.

Nicola Firth, CEO of Knowledge Bank, said: “As we head into the second quarter of 2019, the landscape for brokers advising clients continues to be more and more complicated. Everyone in the housing market is reacting to external financial and competitive forces within a period of unprecedented change with Brexit, and mortgage and loan providers are no exception.

“There are daily changes to both products and their underlying criteria so the task facing brokers in delivering advice is harder than ever. However, the reality for brokers is that borrowers are unaware or unconcerned as long as they can be paired with the right product from the right lender. This is why technology is crucial in helping brokers find the right product the first time.”