Covid-19 maximum loan-to-value restrictions was the most searched-for criteria by brokers in both the residential and buy-to-let sector in May, according to Knowledge Bank’s latest tracker.
In the residential market “Covid-19: furloughed workers” was the second most popular search term as brokers grappled with lenders’ changes to affordability rules.
Second charge brokers also focussed their searches on maximum LTVs and temporary restrictions to LTVs as a result of Covid.
In the equity release market each of the top five broker searches changed between April and May illustrating the wide range of borrowers considering later life mortgages.
Top equity release searches included: “married couple application in single name”, “flat roofs” and ‘lodger/boarder/rent a room”.
Knowledge Bank lender relationship manager Matthew Corker says: “The market is clearly going through a seismic change, with both lenders’ criteria and borrowers’ circumstances undergoing rapid shifts.
“As the ‘new normal’ begins to take shape, brokers are going to need to have their wits about them – and make use of all the tools they have available – to keep pace with the changes, and continue to provide their clients with the best possible service.”
Tenet Group is to provide its network members and directly-authorised clients with access to Knowledge Bank’s mortgage criteria search system. Knowledge Bank holds more than 100,000 criteria from over 200 lenders enabling brokers to search criteria across the residential, buy-to-let, equity release, self-build, second charges, bridging, commercial and overseas mortgage markets. Knowledge Bank chief executive […]
Searches for ‘Covid-10: temporary maximum LTV restrictions’ topped four mortgage categories in April, shows new data from Knowledge Bank. The search string was number one for residential, buy-to-let, second charge and bridging. Within the residential category, ‘Internal/AVM/desktop valuations’ came second, followed by ‘Covid-10: furloughed workers.’ In BTL, the second position was also based around valuations, […]
Users of Iress’ Xplan Mortgage software are now able to check mortgage product criteria using Knowledge Bank. Since the coronavirus issue took hold in the UK along with the various announcements regarding payment holidays, there have been 4,000 criteria changes, and before this, 9,200 in Q1 2020. “It is clearly impossible for anyone to keep […]
Broker searches for the minimum age at which lenders would allow equity release surged in February, hinting at demand from younger clients. While typically the minimum eligible age for equity release is 55, applied to the youngest application for joint equity release mortgages, this can vary from lender to lender so is often higher. The […]
This guide from Johnson Fleming will take you through the required communication and also give ideas for additional actions that will ensure your auto-enrolment project is a success. The topics in this guide include: the letters you need to send out; what to send and when; the importance of employee engagement; and what to consider as additional communication.
More than ever we must display a united front in promoting our industry and helping both colleagues and clients through these difficult times
UK Finance says that it expects households to continue snapping up fixed-rate mortgage products despite the dramatic cuts in the Bank of England base rate. The conclusion comes from the trade body’s quarterly household finance review and has been made because of the fact that lenders have committed to continue to offer product transfers to […]
Paradigm Mortgage Services members in England and Wales will now have access to Ipswich Building Society’s products as the lender has lifted its postcode restrictions. From today, Paradigm member firms will be able to register with the Ipswich via its website and begin submitting business within 24 hours and use Ipswich’s intermediary portal for residential, […]
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