"It’s been a month of massive change in criteria searching with big movements across many lending categories."
In the residential category, ‘maximum age at end of term’ held onto the top spot it has maintained since February, but ‘interest only’ moved into second place, its highest-ever ranking.
In the equity release category, none of October’s top five searches featured again this month – the eighth time this year this has been the case.
The highest-ranked search was for ‘property with an annex/outbuildings/land/acreage’, followed by ‘downsizing protection option’ – a search that has featured only twice before in the top five. A number of providers now offer this option so borrowers can avoid incurring early repayment charges if they move.
Another notable new entry was ‘lodger/boarder/rent a room’, a search that has never previously ranked in the top five. As well as an important potential income stream, younger lodgers can also provide valuable company for older people who find themselves living alone, in some cases for the first time.
The top three searches in the buy-to-let category remained broadly similar to recent months, with new entries in fourth and fifth places respectively from HMOs and holiday lets.
Nicola Firth, CEO of Knowledge Bank, said: “It’s been a month of massive change in criteria searching with big movements across many lending categories. The equity release market, especially, continues to throw up surprises, with searches rarely featuring in the top five in two consecutive months.
“With lenders’ criteria showing so much change from day to day, it is vital that brokers take advantage of all the tools at their disposal so they can stay one step ahead and continue to give clients the best possible advice. Only by using technology to their advantage can brokers ensure they are getting the best deal for their client.”
