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Covid-19 criteria dominates broker searches – Knowledge Bank

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  • 12/05/2020
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Covid-19 criteria dominates broker searches – Knowledge Bank
Coronavirus-related criteria searches dominated Knowledge Bank’s monthly tracker in April as brokers scrambled to keep on top of weekly product changes.

 

Across the residential, buy-to-let, second charge, and bridging markets, “Covid19: temporary maximum LTV restrictions” was the most frequent search.

In the residential category, the top three searches in April were all linked to the pandemic.

In addition to LTV restrictions, brokers also searched in large numbers for “internal / AVM / Desktop Valuations” which also came in at number two in the buy-to-let category, and “Covid-19: furloughed workers”.

In the equity release category “minimum age at application” topped the list of broker searches whereas in February it had been “maximum age” that had attracted most searches.

Knowledge Bank suggests this could indicate that working-age people wish to access some of the value they have tied up in their property to top up their day-to-day finances.

Searches for “add fees to loan” was another new entrant at number three on the list, which may signal that people are looking to maximise the upfront cash they can extract said the firm.

Matthew Corker, Knowledge Bank’s lender relationship manager, said: “With lenders across the board cutting back sharply on loan-to-value, 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.”

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