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Maximum age limit and defaults among most searched in January – Knowledge Bank

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  • 13/02/2020
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Maximum age limit and defaults among most searched in January – Knowledge Bank
The maximum age at the end of a mortgage term, interest-only products and raising capital for debt consolidation were among some of the top criteria searches for brokers in January, data from Knowledge Bank revealed.

 

Other searches which made the top five among standard residential brokers included self-employed with one year’s accounts and defaults registered in the last three years. 

 

Equity release 

In the equity release market, all of the top five most searched terms were new with early repayment coming top, followed by clients with adverse credit.  

Other popular searches included lenders who would accept an application from a married couple in a single name, applications from those in sheltered accommodation and lenders who offer the maximum loan amount. 

 

Buy-to-let 

In the buy-to-let category, the top search for brokers was for lenders that will lend to expatriates.  

First-time landlords, lending to limited companies, minimum income for single applicants and the requirement to becoming a homeowner also topped broker searches in January. 

 

Ever-changing needs 

Matthew Corker (pictured), lender relationship manager from Knowledge Bank said: “While some sectors witnessed a radical shake up of client needs some are notably more consistent and predictable.  

“What this does highlight is how difficult it continues to be for brokers to balance the changing needs of their clients with lenders ever-changing criteria.” 

“Effectively brokers are the pivot in a seesaw, where clients’ needs go up and down at one end and lender’s criteria does the same at the other.  

“2020 is going to be another year of uncertainly and change so brokers need to arm themselves with the tools to make placing mortgage cases as painless and practical as possible,” he added.

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