Knowledge Bank: Criteria index notes change across sectors
The February criteria index noted changes across a variety of sectors, according to Knowledge Bank.
Within the equity release sector all top five searches changed month-on-month. The top search was ‘minimum age at application’.
Turning to the residential sector, ‘maximum age at end of term’ remained the most popular search within this category. New additions did include the search for lenders allowing joint borrowers for a sole proprietor and a search on income multiples for affordability assessment.
The second charge market recorded two new additions to the top five most popular searches. These were for lenders allowing CCJs registered in the past three years and existing secured loan or mortgage arrears or defaults.
The buy-to-let sector recorded a stable month in terms of searches. Four of the top five remained the same. The new search was for ‘first-time buyers’.
Matthew Corker, lender relationship manager from Knowledge Bank said: “February really threw up some surprising results, most notably in the equity release sector where it was all change.
“The extent and speed of change in the criteria needs of borrowers from month to month shows just how essential it is for brokers and lenders to adapt to changing demands.
“We work with lenders every day to help them use this data to evaluate the market and adapt their criteria accordingly.
“Because criteria searches happen at the onset of the advice process, prior to any product sourcing, it presents lenders with a unique opportunity to adapt to a changing market and drives change and innovation.”