Knowledge Bank: COVID-19 restrictions remain top resi search
‘COVID-19: Temporary Maximum LTV Restrictions’ was the top residential search in August, according to data from Knowledge Bank.
Coronavirus-related searches remained a theme throughout the top searches by brokers during August, with ‘COVID-19: Furloughed Workers’ listed as the fifth top search under the residential category.
Within the second charge category, the number one search was ‘Maximum LTV / Loan To Value’ and number two as ‘COVID-19: Temporary Maximum LTV Restrictions’.
Bridging also followed the same trend, as while the top two searches were ‘Regulated Bridging’ and ‘Maximum LTV’, the proceeding search was ‘COVID-19: Temporary Maximum LTV Restrictions’.
Coronavirus was not in the top five searches for either the buy-to-let category or equity release.
The former saw ‘Lending to Limited Companies’ take the top spot, while the latter had ‘Maximum Loan Amount’ as the top search.
Matthew Corker, lender relationship manager at Knowledge Bank, said: “Broker criteria searches in August provided clear signs that the housing market is still being affected by COVID-19.
“It is evident that there is growing concern around mortgage eligibility with consumers across the board, particularly those looking for higher LTV mortgages.
“The looming end to the furlough scheme also continues to feature prominently as those on furlough attempt to get mortgages approved before their furlough ends.
“In a similar vein, more first-time buyers are increasingly reliant on family members to give them a helping hand to get on to the property ladder, which is impacting the maximum age at the end of the mortgage and may also have a longer-term impact on equity release options.
“Coronavirus has impacted consumer habits, and we are beginning to see the wider trends taking place as a result of this with buyers and lenders alike.”