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Knowledge Bank: The only constant at the moment is change

Jake Carter

December 10, 2020

‘Furloughed workers’ came back into the top five most searched terms by brokers in the residential mortgage market in November, according to Knowledge Bank’s Criteria Activity Tracker.

This data is assessed based on the top five searches made by brokers on behalf of their clients, and falls under seven categories in terms of product type.

Matthew Corker, lender relationship manager at Knowledge Bank, said: “The only constant at the moment is change.

“With the furlough scheme back, discussions around an extension to the stamp duty holiday and record numbers of mortgage approvals, the property sector continues to move at a rapid pace.”

‘Maximum age at end of term’ was the top searched term in November within the residential category.

The buy-to-let category saw the term ‘first-time landlord’ take the number one position.

Meanwhile, for the equity release category, the most searched for term was ‘leasehold flat/apartment where applicant/s own part or all of the freehold’.

Looking to the commercial category, ‘semi-commercial properties’ was the most searched phrase.

Furthermore, the second-charge, self-build and bridging categories all saw ‘maximum LTV’ as the term most searched for by brokers.

Matthew Corker added: “Some trends are continuing, with max LTVs again being a hot topic.

“Lenders are responding and in November, many LTVs were gradually increased back to pre-COVID levels.

“Lenders are constantly adapting criteria to keep up with the evolving market. It is now physically impossible for any mortgage broker to keep all the different criteria in their heads.

“So, it is now more important than ever for brokers to use a comprehensive criteria search system to ensure they can provide their clients with best advice – and evidence that they have done so.”


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