More brokers searched to find details of lenders’ age restrictions on borrowers than any other aspect of criteria during May, the latest figures from Knowledge Bank show.
The most popular search category was “maximum age at end of mortgage term”, while “maximum age at application” was in third place, suggesting that the challenges facing older borrowers are still high on the agenda.
In between those two searches, “self-employed with one year of accounts”, was the second most popular criteria search, according to Knowledge Bank.
Fourth on the list was lenders allowing “defaults registered in last three years” while in fifth place advisers were seeking lenders that only leave a “soft footprint at decision in principle stage”.
However, Knowledge Bank notes that every single month its data has thrown up a different top five searches, suggesting that brokers continue to face a wide array of different clients with complex circumstances.
Knowledge Bank chief executive Nicola Firth says: “This is remarkable and puts into perspective the challenge that brokers face in finding a home for their client’s borrowing needs.
She adds: “When we’re out and about talking to brokers we very often have conversations with advisers who have started an application for a product only to later find out that their client falls outside of a criteria condition.
“This is hugely frustrating for both broker and client as the search process has to start again, which means delays and disgruntled clients.”