Lenders who accept first time landlords is revealed as the most popular search of UK mortgage criteria says Knowledge Bank

10 July 2019

Criteria specialist Knowledge Bank has today revealed the top five most searched-for lender criteria by brokers in June 2019, with searches for lenders accepting first-time landlords revealed as the most popular search of UK criteria.

This follows a raft of recent product and criteria changes by lenders and suggests that potential landlords have not been put off by a loss of tax incentives and the ban on tenant fees. Recent reports also show that product availability for first-time BTL mortgages is the highest it has been for five years coupled with an average fall in interest rates over the same period.

In other product areas; the monthly criteria activity tracker showed that the maximum age borrowers could be at the end of the mortgage term was the most searched-for criteria in the residential mortgage category.

Other search highlights reveal that the maximum loan to value continues to be the most popular search for second charge loans and the minimum age of borrowers at application the most searched for criteria within equity release.

Knowledge Bank holds over 90,000 criteria from over 200 lenders and brokers can search on unlimited criteria conditions for each customer.

Criteria Activity Tracker - Top five searches performed by brokers on Knowledge Bank during June 2019:

	RESIDENTIAL	BUY-TO-LET	SECOND CHARGE	EQUITY RELEASE
1	Maximum Age at End of Term	First Time Landlord	Maximum Loan to Value	Minimum Age at Application
2	Self Employed - 1 Year Accounts	Lending to Limited Companies	Married Couple Application in One/Single Name	Capital Raising
3	Maximum Age at Application	Minimum Income - Interest Only / Part and Part Single Applicant	Mortgage or Secured Loan Arrears or Defaults	Interest Only
	Income multiple used for affordability assessment	Requirement to be a Homeowner	Capital Raising - Home Improvements on Second Charges	Credit Scored
5	Interest only	First Time Buyers	Defaults - Registered in the last 3 years	Credit Referencing Agency Used

	SELF BUILD	BRIDGING	OVERSEAS	COMMERCIAL
1	Custom Build - Maximum Borrowing / Loan Amount	Regulated Bridging	Purchase for Family Member	Commercial Investment Mortgages
2	Custom Build - Maximum Loan to Cost	Maximum LTV for Bridging	Family Gifted Deposit	Semi-Commercial Properties
3	Self Employed - 1 Year Accounts	Adverse Credit	Maximum Loan Amount	Maximum LTV
4	Holiday home	Bridging - Minimum Loan	Maximum LTV	Maximum LTV for Commercial Investment
5	Lending to limited companies	Second charge loan	Affordability Calculator	Minimum Loan Amount

Nicola Firth, CEO of Knowledge Bank said, “The Buy to Let sector has taken a few punches over recent years with the removal of tax incentives, the ability to charge fees and even lenders going into administration. However, this is a resilient market and with competitive interest rates, and a wide product selection, potential landlords are asking brokers to find them a home for their loan requirements.

“Buy to Let is another example of a sector where criteria changes are made on a daily basis so it’s vital for brokers to whittle down the lenders who will consider their clients in advance of any product sourcing. There’s no point finding a great product only to discover that your client is refused on criteria.”