‘Furloughed workers’ is no longer amongst the most-searched terms by brokers, according to Knowledge Bank.

‘Furloughed workers’ previously spent 13 months in the top five most-searched terms, after the government introduced the initiative last year. With furlough dropping out of the top five most-searched terms in the residential market, May was the first month since the pandemic began with no Covid related searches. ‘Maximum age at end of term’ was the most-searched criteria, as the average age of first-time buyers is now over 31, according to Halifax.

In every month in 2021, ‘first-time landlord’ has been either the most-searched, or the second most-searched-for criteria by brokers in the buy-to-let market. In May, this trend continued with ‘first-time landlord’ the most-searched term.

Despite the return of 95% loan to value (LTV) mortgages, affordability was still an issue for borrowers. Knowledge Bank said this is demonstrated by the consistent inclusion of ‘first-time buyers’ in the five most-searched terms. The term has featured every month in 2021, and points to the difficulty of younger people to meet the affordability requirements of a residential mortgage, the criteria each specialist said. This is behind ‘income multiple used for affordability assessment’ being the third most-searched term in the residential market.

In the second charge market, brokers were searching for ‘capital raising for debt consolidation’. However, there are those looking to build home-offices or extend their house, with ‘capital raising for home improvements’ the second most-searched term in May.

The fourth most-searched term was ‘capital raising for business purposes’; Knowledge Bank said this could be for those looking to invest in their business, either by refurbishing an office, or landlords looking to raise capital to invest in a property.

In the bridging arena, ‘regulated bridging’ was the top searched term.

Matthew Corker, operations director at Knowledge Bank, said: “Furlough has gone from being an unheard-of term, to a mainstay in our lexicon over the past 14 months. The fact that in May it has dropped out of the most-searched terms could suggest sunnier times on the horizon as more people return to work, as it hints that we are beginning to return to normality. However, we are certainly not completely out of the woods. There are still plenty who are struggling as a result of the pandemic, and the searches for ‘debt consolidation’ confirms this.

“The buy-to-let sector continues to go from strength-to-strength with interest from those new to the sector, and new to house buying. The continued interest from first-time buyers, indicates that despite the return of 95% LTV mortgages, some are still struggling with affordability for residential mortgages.

“With the market continuing to change at a rapid pace, criteria are constantly evolving and brokers could spend hours every day on the phone to lenders and updating spreadsheets. Using a comprehensive criteria search system can save them a massive amount of time, and also ensure they are providing best advice.”