Mortgage brokers’ criteria searches are up by more than two-thirds (68%) as the market responds to COVID-19, according Knowledge Bank’s mortgage criteria activity tracker, and the increase was especially pronounced in the residential market, with searches up by nearly four-fifths (79%).
In the main residential category, both ‘COVID-19: Temporary Maximum LTV Restrictions’ and ‘Furloughed Workers’ featured hevaily for the third month running. The ‘Temporary Maximum LTV’ term was also strongly represented in broker searches in the BTL, second charge and bridging categories.
Knowledge Bank lender relationship manager Matthew Corker said: “Lenders have been very active in June, withdrawing and then reintroducing higher-LTV products. Many have also adjusted their affordability and allowable income criteria, as details of the extension to the government’s furlough scheme become clearer.
“It is no surprise to find that brokers are searching more frequently for these criteria. As demand returns to the market, lenders and brokers are having to move fast to stay ahead of the curve. Brokers cannot expect to keep up with the huge number of criteria changes without deploying technology.”
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