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First year self-employed coverage tops list of mortgage criteria searches

  • 11/06/2018
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First year self-employed coverage tops list of mortgage criteria searches
Lenders who offer mortgages to self-employed customers with one-year’s accounts were the most searched for criteria in May, according to Knowledge Bank.


The subject topped the list in the residential sector and was closely followed by the maximum age at end of term; maximum loan-to-value (LTV); interest-only; and first-time buyers.

According to the first edition of Knowledge Bank’s Criteria Activity Tracker, on average brokers using the service searched 4.5 different criteria categories for each client.

Buy-to-let and second charge criteria searches are also included in the monthly results.

Minimum income standards were the most searched in the buy-to-let market, followed by first time landlord; houses in multiple occupation (HMO); the six-month rule or day one remortgage; and lending to limited companies.

For the second charge sector, arrears for a mortgage or secured loan or missed or late payments was the top criteria search.

Unsatisfied County Court Judgements (CCJs); adding broker fees to the loan; maximum LTV; and accountant’s projections completed the top five in the second charge area.


Changes not publicised

More than 203,000 criteria searches have been made using Knowledge Bank since its launch in September.

It said the data revealed that even for residential mortgages, brokers were struggling with those more hard-to-place cases.

“One of the key issues facing brokers is that most criteria changes are not publicised unless there is a particularly positive change and so brokers can be totally unaware of changes until they submit a case,” it added.

Knowledge Bank CEO Nicola Firth (pictured) said: “One of the things that surprises most brokers is the sheer scale of changes being made every week.”

She added that brokers were often too busy to spend time checking through countless spreadsheets or lender websites for updates.”


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