Broker searches have shifted from price to acceptance as the UK “is gripped by the perfect storm of high inflation, a cost-of-living crisis and a changing government” says Knowledge Bank.

The top search in the residential sector was the maximum age a borrower could be at the end of the mortgage term as intermediaries “steadfastly search for lenders whose criteria will accept their clients,” says the criteria platform’s August activity tracker.

It says this residential search was the sixth month in a row that it was the most popular sought after criteria and “reinforces the view that even though interest rates still remain relatively low, borrowers are looking for the maximum length of time to repay their mortgage”.  

The second most popular residential search was for brokers looking for lenders for self-employed clients, which has appeared in the top five searches for the past six months.

“As the self-employed market continues to grow, brokers are keeping a close eye on any new restrictions imposed on their self-employed clients,” says the report.

It adds that the buy-to-let sector continues “to lead the way in changes and tweaks” to criteria as lenders take a longer-term view on the financial security of both landlords and tenants.

The top BTL search was brokers searching for lenders who will lend on loans for limited companies.

This was closely followed by searches for lenders accepting first-time landlords. This search when looked at in conjunction with the third-placed search, the requirement to be a homeowner, “shows that even those who have yet to have a property of their own are keen to enter the housing market with a BTL property”, says the study.

The secured loan sector has had “another busy month of criteria changes” with the maximum loan to value allowed continuing to be the most popular search. 

The tracker adds: “There is, however, some cause for caution as for the second month in a row the search for lenders who will allow capital raising for debt consolidation is in the top five searches.”

The report says criteria searches in the bridging sector also remained consistent from the previous month and like secured loans business has been a month of multiple changes. 

It adds: “Bridging lenders, like others, are trying to interpret market indicators and the potential consequences of rising inflation, the energy crisis and a significant increase in mortgage completion times.”

Knowledge Bank chief executive Nicola Firth says: “For a supposedly quiet month when everyone is meant to be on holiday, August was one of our busiest for criteria and product changes.

“Lenders kept a close eye on external economic factors and how this affected a borrower’s ability to repay a loan and adjusted their criteria accordingly. 

“The consistency of the most popular searches being performed by brokers month on month suggests that they are still trying hard to place cases and in some instances re-broking a mortgage application as lengthy completion times means mortgage offers run out. 

“For brokers, this doesn’t mean simply re-submitting the same application as their client may now fall outside of revised criteria.”