The latest data from Knowledge Bank showed the most searched for criteria last month was ‘maximum age at the end of term’ while ‘missed or late payments’ also appeared in the top five most searched for terms for the fourth consecutive month.
The numbers reflect the ongoing cost of living crisis and pressure on borrowers’ finances across the board.
Nicola Firth, chief executive of Knowledge Bank, (pictured) said the fact lenders were shifting criteria boundaries more regularly was driving the search figures.
“The year ended as it started with a raft of changes across all lending types,” she said.
“In a period of such instability and change it is even more crucial that brokers avoid declined applications where clients think they qualify for a product only to fail the lender’s criteria requirements.
“This is hugely frustrating and completely unnecessary if a criteria search has been performed prior to a product search.”
A challenging year ahead
Firth added that early indications are the 2023 will continue to be a “lending landscape of great uncertainty” and urged brokers to “use all the tools at their disposal”.
Knowledge Bank’s analysis also showed affordability challenges extending across product types.
‘Maximum age at application’ was the most searched for term in the equity release sector, indicating a rising demand for cash to supplement incomes in later retirement.
It follows third quarter figures from the Equity Release Council which showed homeowners aged 55+ took out a record 13,452 new equity release plans between July and September 2022, up eight per cent from the previous quarter.
