Searches by mortgage advisors regarding suitable products for their clients are now dominated by acceptance instead of price, according to the latest report by Knowledge Bank.
When it comes to residential mortgages, the number one search among advisors during August was for potential maximum borrower age when their repayment term ends. Knowledge Bank is stating that this is a matter of advisors doing everything possible to find products with criteria that will be acceptable for clients in difficult circumstances.
It points out that the UK is facing a nightmare combination of Government changes, ever-rising living costs and increasing inflation. Figures from its activity tracker show that August marked the sixth successive month in which maximum age for paying off a mortgage was the top criteria search and it states that this shows that borrowers want the security of as much time as possible to complete mortgage payments.
The second most frequent criteria search among advisors during August was for loans that are suitable for self-employed people seeking to buy. According to Mortgage Strategy, the report published by Knowledge Bank says that:
“As the self-employed market continues to grow, brokers are keeping a close eye on any new restrictions imposed on their self-employed clients.”
It concludes by pointing out that the evidence of the last six months indicates that finding loans for clients with difficult circumstances is the main issue for advisors right now.
Advisors complete CeMAP training courses with the aim of having plenty of clients and work whatever the wider economic situation.