Broker searches for the minimum age at which lenders would allow equity release surged in February, hinting at demand from younger clients.

While typically the minimum eligible age for equity release is 55, applied to the youngest application for joint equity release mortgages, this can vary from lender to lender so is often higher.

The enquiry narrowly beat searches for lenders offering an equity release inheritance protection guarantee – to ensure a percentage of a property’s value is passed onto loved ones when the owner dies and their home is sold.

This is the first time inheritance protection has been among the top five equity release searches on the Knowledge Bank criteria activity tracker.

The tracker reveals brokers’ activity in trying to meet the loan aspirations of their clients, showing the cases brokers are trying to place.

Data from the second charge sector also revealed changes, which point to a worsening arrears picture.

Searches for lenders that allow borrowers with county court judgements registered in the past three years, and those with existing secured loan or mortgage arrears, were among the most popular.

Buy-to-let enquiries suggested a more positive shift; a new addition to the most popular searches was for first time buyers, a sign borrowers are still interested in the market as an investment opportunity.

In the residential sector, the ongoing demand from brokers was information on lenders offering the maximum age at the end of the mortgage term. Enquires about joint borrowers for a sole proprietor, and income multiples for affordability, were also up.

Brokers’ clients are continuing to task them to find the maximum LTV permitted in the commercial sector, and also to accept semi-commercial properties.

In the bridging category development finance searches in February came in at third spot. It hasn’t been in the top five searches since November 2019 and so may be a sub-set of this sector to watch.

Knowledge Bank lender relationship manager Matthew Corker says: “February really threw up some surprising results, most notably in the equity release sector where it was all change.

“The extent and speed of change in the criteria needs of borrowers from month to month shows just how essential it is for brokers and lenders to adapt to changing demands.”