Searches for lenders accepting first-time landlords has been revealed as the most popular search for UK mortgage criteria, according to data from criteria specialist Knowledge Bank.
The finding follows a raft of recent product and criteria changes by lenders, suggesting that potential landlords have not been put off by a loss of tax incentives and the ban on tenant fees. Recent reports revealed that product availability for first-time buy to let (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 revealed 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.
Commenting, Knowledge Bank CEO Nicola Firth 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.”
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