Criteria searches for mortgage payment holidays highest in March

‘Covid-19 Mortgage Payment Holidays’ was the most searched term in Knowledge Bank’s residential mortgages category during March, and the second most in the buy-to-let (BTL) category, new data has revealed.

The criteria search specialist noted that since 18 March, when Chancellor, Rishi Sunak, announced a payment holiday for all homeowners in financial difficulty, the recorded searches had reflected brokers’ concerns amid the ongoing coronavirus pandemic.
  
Other than searches related to Covid-19, Knowledge Bank also described its latest data for residential mortgage searches as “remarkably business as usual”, with ‘Maximum Age at End of Term’, ‘Interest Only’ and the ‘Self Employed with One Year’s Accounts’ making up four of the top five search terms. 
 
The announcement that landlords may also take a three-month payment holiday if their tenants experience financial difficulties was announced on 20 March, two days after the homeowner announcement, and Knowledge Bank suggested the difference could account for the fact that ‘Covid-19 Mortgage Payment Holidays’ for BTL only reached the second most searched for term. 

‘Lending to Limited Companies’ remained the most popular term for the third month running in this category, followed by ‘First Time Landlord’ and the ‘Requirement to be a Homeowner’.
  
In equity release, all the criteria were completely different again, leading with a top search for 'Early Repayment Charges’ followed by ‘Partial Repayments’ for the first time. The search expert suggested the fluctuations in this category were the result of fewer brokers searching for equity release.

Knowledge Bank Founder and CEO, Nicola Firth, commented: “With the number of lender criteria changes increasing by the day there has never been a more important time to have subscription to a criteria search engine.
 
“As the UK’s largest and most comprehensive mortgage criteria search system, the industry looks to us to provide up-to-date and accurate information on lending policy. At this time of change it is important to reflect the issues and the searches that brokers are carrying out as it reflects on the market as a whole.

“The number of broker registrations and searches has increased exponentially over the past three weeks and a peek into those searches provides us with a fascinating insight. April will clearly be even more revealing as the broker searches could change more dramatically than anything we have seen to date.”

    Share Story:

Recent Stories


FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.


Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.

In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.

Air and the role of later-life lending
Content editor at MoneyAge, Dan McGrath, spoke to the chief executive officer at Air, Will Hale, about the later-life lending industry, the importance of tailored advice and how technology and obligations have shaped the sector.


Inside the world of high net worth lending
The mortgage market continues to evolve, and so too does the answer to the question: what is a high net worth individual in today’s market? In this episode of the Mortgage Insider podcast, host Phil Spencer is joined by Stephen Moroukian, Head of Product and Proposition for Real Estate Financing at Barclays Private Bank, and Islay Robinson, founder and CEO of Enness Global. Together, they explore what brokers really need to know when supporting high net worth individuals.

The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.