“Covid-19: Temporary Maximum LTV Restrictions” was the most frequent criteria search across the residential, buy-to-let (BTL), second-charge, and bridging markets during April, according to new data released by Knowledge Bank.
The criteria search specialist suggested its latest figures revealed the extent to which coronavirus is shaking up the market, and dominating brokers’ minds.
In the residential category, Knowledge Bank revealed the top three searches in April were all related to Covid-19, with brokers searching for LTV restrictions, as well as in large numbers for “Internal / AVM / Desktop Valuations”, which also came in at number two in the BTL category, and “Covid-19: Furloughed Workers”.
The criteria search expert suggested the volume of searches for furloughed workers means people with reduced incomes and facing continued uncertainty in the months ahead, are also understandably looking to get themselves onto a better mortgage deal to reduce outgoing expenses, or possibly escape expensive rented accommodation.
The equity release category also showed that “Minimum Age at Application” topped the list of broker searches – whereas in February, Knowledge Bank noted it had been “Maximum Age” that had attracted most searches. The search expert suggested the trend could possibly reflect working-age people wishing to access some of the value they have tied up in their property to top up their day-to-day finances.
Knowledge Bank lender relationship manager, Matthew Corker, commented: “With lenders across the board cutting back sharply on LTV, and in some cases temporarily withdrawing from the market, brokers are working harder than ever to keep track of an ever-changing landscape and get the best deals for their clients.
“We’ve had just short of 2,000 brokers sign up to Knowledge Bank’s free Covid-19 ‘live feed’, updated in real time by lenders. With events moving so fast, it is vital that brokers use all the means and the technology at their disposal to keep pace with what is happening in the market.”
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