Emerging mortgage criteria search trends suggest that brokers are exploring new strategies to navigate economic uncertainty, Knowledge Bank has revealed.
According to the September criteria index, the residential sector continued to feature ‘maximum age at end of term’ as the most searched term.
This trend underscored the caution around lending to older individuals, with possible concerns about repayment affordability as applicants get closer to retirement.
In the buy-to-let sector, ‘lending to limited companies’ remained the top search, a trend that has been consistent throughout the year.
The search term ‘Joint Borrower, Sole Proprietor’ saw a surge in the residential sector over the past three months, indicating that brokers were looking for creative solutions to handle mortgage affordability.
Self-build mortgages were also a point of focus, with a diverse range of search terms month to month.
In the second charge sector, the focus was on maximising borrowing, with ‘maximum loan-to-value (LTV)’ consistently ranking as the top search term.
Commercial property searches revealed a focus on both ‘minimum loan amount’ and ‘maximum LTV,’ indicating that developers were keen to maximise their property investments.
Nicola Firth, CEO of Knowledge Bank, said: “The criteria searches we’re seeing reflect a population that is having to adapt to a rapidly changing financial economy.
“Whether it’s through new mortgage strategies or maximising investment opportunities, it’s clear that both brokers and their clients are having to think more creatively and act more strategically than ever before.”
