From today (11 October) we are improving the price on three of our standard residential fixed rates.
Mortgage criteria search hub, Knowledge Bank, recently revealed a series of terms its intermediaries were searching for again and again on its website. The data generated revealed age limits, interest-only and Buy-to-Let as its top three searches in June alone.
Intrigued, we decided to conduct our own research using Newbury Building Society’s website analytics to determine what exactly intermediaries have been searching for during the first half of 2018.
By doing so, we hoped to discover what exactly it is clients want from us as a lender.
Top ten lending criteria search terms
- Buy-to-let criteria
- Shared Ownership
- Operating area
This list is only somewhat surprising to us. It proves how complex borrower’s lives can be and how a one-size-fits-all approach, when it comes to a mortgage product, doesn’t work anymore.
This begs the question: are we witnessing the death of the ‘standard’ residential mortgage? I’ll leave that with you to decide.
Let’s break it down
Our made-to-measure mortgage product, which is designed to help those who do not tick the typical high-street lender boxes, falls in second behind interest-only. This tells is that more and more intermediaries are working with clients who need something a little bit special to be able to obtain a mortgage which suits their particular lifestyle.
Once more, both Help-to-Buy and Shared Ownership fall firmly into the top 10. Not surprising as the demand for specialist, affordable housing mortgages continues to increase. Expat and Buy-to-Let round-up the top five, proving that this section of the market is still flourishing despite unpopular changes to regulation over recent years.
What have we learned?
It is evident lenders must factor in unusual circumstances which may stray away from what is known as a ‘typical’ standard residential mortgage as intermediaries start to place cases in which they previously never thought possible.
Borrowers want a mortgage which suit their specific needs – whether this is affordable housing, self-employed or foreign currency – and they don’t want to jump through hoops to get it. Borrowers want a lender who understands that life isn’t perfect and who takes the time to review each mortgage case holistically and to its own merit. Why? Everyone is different.
At Newbury Building Society, we don’t ignore emerging trends such as those outlined in the list above. We take the time to review our mortgage products and tap into our regular broker contacts to stay one-step a head of the ever changing mortgage market to ensure our products meets the criteria of perspective borrowers. By doing so, our service is exemplary and our ongoing relationship with brokers is stronger than ever before.
Over to you
If you have clients who are looking to obtain a mortgage, Newbury Building Society is here to help. Our Helpdesk is available, 9am-5pm, Monday to Friday, by called 01635 918000 to speak to one of our BDMs. You can also email email@example.com.
Don’t forget: We lend across England and Wales for Shared Ownership and Help to Buy Equity Loan, we do not credit score, all our mortgages are individually underwritten and we consider unusual properties and circumstances, including self-employed and contractors.