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Self-employed with one year’s accounts biggest broker search term – Knowledge Bank

  • 09/10/2018
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Self-employed with one year’s accounts biggest broker search term – Knowledge Bank
Lenders who accept self-employed applicants with just one year’s accounts was the biggest broker search term in September, analysis of Knowledge Bank data has shown.


Maximum age at the end of the term was the second most searched term in residential mortgages, followed by maximum loan to value (LTV), debt consolidation and debt management plans, according to the criteria search system.

In the buy-to-let sector, the focus has shifted to new borrowers, as brokers search for lenders who will accept first-time landlords and first-time buyers take the top two spots in the table.

These are followed by lending to limited companies, the maximum LTV and requirements to be a homeowner.


Maximum LTV biggest search in equity release

In the second charge sector, the most searched term is affordability, followed by the maximum LTV and IVAs.

In the equity release, the maximum LTV tops the table, followed by buy-to-let and lend in Scotland.

For self build, the most searched term is the maximum age at the application, followed by the maximum LTV and contract workers.


Regulated bridging as top searched term

In September, Knowledge Bank added two new lending types to its system, commercial and bridging, while overseas mortgages have also been added with referrals to Simon Conn Overseas Property and Finance Specialist.

The top category searched for within bridging is ‘regulated bridging’.

The top category in commercial is for semi-commercial properties.

Packagers and buy-to-let lenders have fed back that there has been a shift recently in landlords moving from straight residential properties to semi commercial in order to avoid the extra stamp duty and other tax burdens that are now associated with residential buy-to-let, Knowledge Bank said.

Nicola Firth, CEO of Knowledge Bank (pictured), said that after an unusually busy August, September showed a marked increase in search activity in each of the lending categories.

She added: “Anecdotal feedback revealed that this was driven by borrowers’ unease following the bank base rate rise and uncertainty over what this means for future borrowing.

“This, coupled with new entrants to the lending sector means more products, more criteria and more confusion as to whether borrowers qualify for the loans they are after. As a result, there exist tremendous opportunities for brokers to add value for potential borrowers who may not fit, or may not believe they fit, traditional products.”


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