This year has started with a shake-up in the most popular searches performed by brokers each month, the latest data from Knowledge Bank reveals.

The January criteria index shows that in the residential category the search for ‘missed or late payments’ shot up the ranking of the top five most common searches to second place.

Another change was the search for ‘interest only’ which entered the top five this month, which Knowledge Bank says suggests that borrowers are looking for ways to keep monthly payments as low as possible.

The buy-to-let (BTL) sector saw the top two searches for ‘lending to limited companies’ and ‘first-time landlords’ retain their places for the second month in a row.

However, the search for lenders requiring the ‘borrower to be a homeowner’ rose to the third spot and the search for ‘interest only/part and part single applicant’ re-entered the top five after dropping out last month.

Criteria searches in the equity release sector saw a shake up with ‘married couple application in a single name’ claiming the top spot.

Other changes of interest include the search for ‘early repayment charges’ which, as the third most popular search in January Knowledge Bank says suggests that borrowers are worried about being tied into a higher rate should prices fall in the future.

The most popular search in the second charge category was for ‘maximum loan-to-value (LTV)’ followed closely by the ‘minimum loan amount allowed’ and the ‘maximum age at the end of the term’.

However, entering the top five searches in January was the search for ‘unregulated BTL’ which shows an appetite from borrowers to use secured loans for commercial BTL premises.

Bridging and commercial loan searches also saw a January shake-up with ‘regulated bridging’ the most popular search in the bridging sector followed closely by ‘minimum loan amount’ and ‘maximum LTV’ taking up the top three spots.

The ‘minimum loan amount’ search was the most popular in the commercial category and the search for mixed use ‘properties/part commercial’ rose up to third place.

Knowledge Bank chief executive Nicola Firth commented: “2023 has started with an uncertain financial landscape for many existing and prospective borrowers.”

“With the bank of England base rate rising to 4%, household budgets are being stretched and placing mortgage cases has become increasingly challenging for brokers.”

“Lenders continue to refresh products with more regularity than normal, and criteria tweaks are being made in an attempt to adjust to customers’ needs.”