Mortgage brokers have been increasingly searching the second charge market for loans to help customers raise capital in March, Knowledge Bank said.
Three of the top five most-searched second charge criteria terms featured “capital raising” during the month.
The most searched for term in the sector was “maximum loan to value (LTV)”.
However, capital was sought for purchasing buy-to-let (BTL) property, followed by home improvements, then debt consolidation.
In the residential segment, “furloughed workers,” topped the searches for the third month in a row, followed by “maximum age at end of term”.
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“First-time landlord,” ranked first in BTL, then “lending to limited companies.”
Matthew Corker, operations director at Knowledge Bank (pictured), said the pattern of searches “demonstrate the economic divide in the UK at the moment.”
“Some have increased savings through lockdown and are using a larger deposit either to invest in property or add to their existing home. Others have been hit hard, losing their job or being put on furlough,” he said.
“Lenders continue to adapt criteria to keep up with the evolving market,” Corker added.
Source: Mortgage Solutions
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