Cost-of-living searches dominate broker enquiries: Knowledge Bank … – Mortgage Finance Gazette
Cost-of-living concerns continue to dominate brokers searches as ‘maximum age at end of term’ topped residential enquiries in September, data from Knowledge Bank shows.
The criteria search engine says the move “underscores the industry’s caution around lending to older individuals, with possible concerns about repayment affordability as applicants get closer to retirement”.
‘Joint borrower, sole proprietor’ searches have surged in the residential sector over the past three months, taking fifth spot in September.
The business adds: “This trend indicates that brokers are still looking for creative solutions to handle mortgage affordability in the current economy.
“The addition of a partner or family member can benefit an application if one has a low income, a poor credit history, or perhaps simply for tax efficiency.”
In the buy-to-let sector, ‘lending to limited companies’ remained the top search, which has been a consistent trend throughout the year.
“This is no surprise as…
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source: https://news.oneseocompany.com/2023/11/02/cost-of-living-searches-dominate-broker-enquiries-knowledge-bank-mortgage-finance-gazette_2023110252072.html
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