Within residential mortgages, lenders who accept self-employed applicants with one year’s accounts was the biggest search for the third month in a row.
Brokers are also looking for high loan to value (LTV), which was one of the top five searches in six out of the eight product categories within the Knowledge Bank system.
Buy To Let (BTL) criteria searching once again focused on those looking to enter the BTL sector for the first time, with first-time landlord and first-time buyers taking two of the top five spots.
However, the most popular search with BTL was for lending to limited companies, suggesting that borrowers are looking for the most tax efficient ways to enter this market.
Within equity release, the top search was for early repayment charges, reflecting the burgeoning product options in this sector and the desire for borrowers to understand any restrictions should they find an alternative loan solution in the future.
Nicola Firth, CEO of Knowledge Bank (pictured), said that approaching the end of the year the pressure on brokers to find lenders for their clients’ mortgage needs becomes more and more intense.
She added: “As a result it’s crucial that no time is wasted trying to pair borrowers with lenders whose criteria simply excludes them. Although some searches remain popular from month to month, new search topics are regularly breaking into the top five.
“This is partly due to ever changing and complex borrower requirements and also as a result of product innovation from lenders that opens up borrowing opportunities. With this constant change it’s crucial that brokers use the tools at their disposal to make their advice process even more focused and productive.”
