According to Knowledge Bank’s latest monthly criteria index, the most common broker searches for equity release has changed completely since the index began in July 2018.
The top search for the equity release sector was for lenders who allow a married couple application in a one/single name, this was followed by brokers looking for buy-to-let equity release.
Rounding out the top five was searches for leasehold remaining term/beginning of term, maximum age at application and early repayment charges.
Second charge broker searches also reported change, with only maximum loan to value (LTV) holding on to the top spot.
The two searches entering the top five were defaults over £500 and capital raising for debt consolidation at third and fourth respectively.
Minimum loan amount and capital raising for business purposes took the second and fifth spot.
Residential searches remained relatively static with the only new entrant to top five searches being joint borrower sole proprietor in third place.
The most common searches for bridging and buy to let stayed the same for the second month in a row.
Lending to limited companies and first-time landlords took the top two slots for buy to let and regulated bridging, while minimum loan amount took first and second for bridging criteria searches.
Nicola Firth, CEO of Knowledge Bank, said: “The clean sweep of changes in equity release searches but total consistency in buy to let demonstrates once again that there are no hard and fast rules when it comes to criteria changes.
“This is why it’s so imperative brokers stay up-to-date with any and all changes. We recently completed the five millionth search on Knowledge Bank, equating to almost 2,500 a day, which clearly shows the conscious effort made by brokers to source the best options for their clients.”
She continued: “As we continue to endure a period of economic instability coupled with the pressures of the increased costs of living, criteria not price continues to be the main factor in securing a mortgage deals.”
