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‘First-time landlords’ most common search criteria ‒ Knowledge Bank

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  • 10/07/2019
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‘First-time landlords’ most common search criteria ‒ Knowledge Bank
Lenders that accept first-time landlords was the most common criteria searched for by brokers looking to place buy-to-let business in June, the latest data from Knowledge Bank has revealed.

It was followed by lending to limited companies and minimum income within the buy-to-let category, and comes after data from Moneyfacts revealed a sharp jump in the number of deals available to first-time landlords of late.

Brokers have told Mortgage Solutions that there has been a spike in the number of first-time investors, with some opting to go for a buy-to-let property to boost their chances of building a deposit for a home of their own.

For residential cases, maximum age at end of term and maximum age at application both figured within the three most common searches, sandwiching lenders who will lend to self-employed borrowers with only one year of accounts.

On equity release, minimum age at application was the top criteria, followed by capital raising, while for second charge deals brokers were keenest to establish the maximum loan to value, followed by lenders who will consider a married couple application in a single name.

Nicola Firth (pictured), chief executive officer at Knowledge Bank, noted that even though the buy-to-let market has “taken a few punches” over recent years, it remains a resilient area. With a wide product selection and competitive rates on offer, potential landlords are still keen to tap into a broker’s expertise for finding funding. 

She continued: “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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