Criteria searches by mortgage brokers reflected another month of change in December, Knowledge Bank has reported.
The latest data from Knowledge Bank’s monthly criteria index, which track the most common searches performed by brokers as they look to place a client’s case, saw the top searches across several lending categories again differ from the previous month.
The index showed that in the residential sector, the most popular criteria searched for was “maximum age at the end of term” while the search for lenders allowing “joint borrowers, sole proprietor” jumped to second place.
“Self employed with one year’s accounts” dropped to third place, while the search to place clients who have had “missed or late payments” remained in the top five for the fourth month in a row. Knowledge Bank said the searches reflect the impact of the cost of living crisis still being felt by borrowers.
The buy-to-let (BTL) sector also saw a shake up in the top five searches, with “lending to limited companies” rising to the top spot, pushing “first-time landlords” down to second place. Other popular BTL searches were for “minimum income required” and the requirement for the “borrower to be a homeowner”, along with “first-time buyer”.
Knowledge Bank CEO, Nicola Firth, said: “The year ended as it started with a raft of changes across all lending types. Advisors have had a tough year with processing and completion times being extended which slowed commission payments and, in some cases, meant that mortgage offers ran out and had to be re-brokered.
“In a period of such instability and change it is even more crucial that brokers avoid declined applications where clients think they qualify for a product only to fail the lender's criteria requirements.
“This is hugely frustrating and completely unnecessary if a criteria search has been performed prior to a product search. Early indications are the 2023 will continue to be a lending landscape of great uncertainly and so brokers need to use all the tools at their disposal.”
Latest News
-
28 million adults using AI tools for managing money
-
94% of UK’s ISA millionaires built wealth using stocks and share accounts
-
FutureFocus Advisory acquired by BRI Wealth Management
-
First-time buyers delaying housing plans until after Budget
-
Mortgage market slows ahead of Budget – Twenty7tec
-
Average mortgage rate falls below 5%
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories