Searches for the maximum age at the end of the mortgage term was the most searched for criteria on Knowledge Bank in October according to its latest criteria index.
This represents the fifth month in a row the criteria has topped the residential charts as borrowers look to stretch their payments over the longest period possible.
Making a move up the top five in October was the search for Interest Only deals which moved up a place to fourth displacing the search for self-employed clients for the first time since June 2022.
The buy-to-let sector had more criteria changes than any sector aside from residential and the headline change was the search for ‘holiday lets’ breaking into the top five most common searches for the first time in 2022.
It was all change for criteria in the secured loan sector with four of the top five searches new in October.
The most common criteria searches were all focused on stretching borrowing requirements, the top searches by brokers were for the maximum age at the end of the term, minimum income required and the maximum age at application.
Criteria searches in the bridging and commercial sectors offered some level of stability with the top five searches consistent with the month before, the only exception being the search for commercial investment mortgages entering the top five commercial searches for the first time this year.
Nicola Firth (pictured), Knowledge Bank CEO, said: “I think it’s fair to say that during August and September brokers endured the greatest period of mortgage market uncertainly for many years and the merry-go-round of criteria changes were something of a blur.
“During the leadership election and the period surrounding Liss Truss’ rise and fall from power the mortgage market simply didn’t know what the future held.
“As a consequence we endured a huge amount of criteria changes as lenders tried to establish the credit worthiness and financial profile of future borrowers only to find their models destroyed as taxes and policies were changed and then changed again.
“Although lenders and brokers are able to act quickly and as the financial outlook becomes more stable the merry-go-round of product and criteria changes shows no signs of slowing down so there is tremendous pressure on brokers to stay on top of changes to help their clients jump on or off the housing ladder.”
