Age concerns dominate mortgage broker searches

Age concerns dominate mortgage broker searches

Brokers are increasingly searching for criteria related to the needs of older borrowers, the latest criteria activity tracker from Knowledge Bank has revealed.

Two of the top five criteria related to a borrower’s age, with ‘maximum age at end of term’ the most searched for. ‘Maximum age at application’ was the third most popular search.

Lenders who will consider self-employed borrowers with only a year’s accounts, the Help to Buy Equity Loan scheme and ‘capital raising for debt consolidation’ were also popular searches in the residential category.

Shifts within equity release

Within the equity release category, ‘Tenure’ was the most searched for criteria for the first time. Knowledge Bank noted that the top searches within the category have shifted in recent months from issues to do with the loan to considerations about the property itself.

In addition, it highlighted brokers have been looking for lenders who will consider timber and non-standard construction, as well as properties with outbuildings or an annex.

Landlords look to HMOs

On buy-to-let, intermediaries were once again most concerned with finding lenders who allow first-time landlords.

However, searches for lenders who allow HMOs broke into the top five for the first time. Knowledge Bank noted that while this has regularly featured in the top ten, interest has increased sufficiently to give its position a boost.

It pointed to anecdotal evidence that changes to the rules surrounding HMOs has led to brokers delving deeper into the area.

Nicola Firth, chief executive officer of Knowledge Bank, said that brokers faced a “complicated” landscape in advising clients.

She continued: “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.”

SOURCE: mortgagesolutions

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