Knowledge Bank has revealed ‘maximum borrowing’ as the most searched term by brokers during December 2018.
Last month saw broker activity remain high, despite December usually being a slow business month, the firm reports.
‘Help to Buy’ has remained in the residential top five searches since its first appearance in November, and ‘capital raising debt consolidation’ appeared for the first time last month in the lead up to Christmas.
‘Maximum loan to age’ and ‘self-employed borrowers with one years’ accounts’ also appeared in last month’s top five, according to Knowledge Bank.
Under equity release, the top two most searched terms in Knowledge Bank’s system was ‘lenders who would lend to non-borrowing occupiers’ and ‘lenders who would lend on Grade 2 listed buildings’, suggesting a number of premium properties are coming onto the market.
Within the second charge sector ‘lenders who offer the highest LTVs’, followed by ‘lenders who would consider applicants classed as all benefits with no earned income’.
The self-build sector saw ‘maximum LTV’ remain the top search, suggesting borrowers are continuing to stretch their finances to continue their self-builds.
Furthermore, December’s index reveals that ‘regulated bridging’ was the top search within the bridging sector for the third time in four months.
Knowledge Bank chief executive Nicola Firth says: “The year ended largely as it had started with a huge number of searches across the different product areas.
“During 2018 new lenders entered the market but it was product innovation that really was the stand out change.
“With interest rates remaining low, lenders continue to compete on criteria in addition to rate which makes it increasingly difficult for a broker to know who will or won’t accept their client.
“This product growth was coupled over the year with borrowers having increasingly complex property and financial circumstances.
“On average brokers searched on five individual pieces of criteria for each borrower which shows how essential it is for a system to ensure that cases are not sent to lenders who will inevitably turn them down.”