Debt issues dominate second charge mortgage searches: Knowledge Bank

Knowledge Bank’s latest insight from its criteria activity tracker shows that four out of five searches within the second charge category include debt issues.

Specifically, the top five searches in the second charge category for February were: ‘maximum LTV, county court judgements – unsatisfied’, ‘debt management plan – ongoing/current’, ‘all benefits no earned income’, and ‘credit repair for adverse credit’.

In the residential category, two out of five searches included stressed finances – ‘defaults – unsatisfied’ at number four, with the fifth most common search being ‘defaults – registered in the last three years.’

‘Maximum age and end of term’ lies in the number one slot for residential.

Meanwhile, in the buy-to-let category, the number one search was ‘first time landlord’, while the second was ‘lending to limited companies’.

Knowledge Bank chief executive Nicola Firth comments: “The criteria index allows us to understand the cases that brokers are actually trying to place rather than just those that make it through the lending net.

“An increase in the number and complexity of products can be seen in each lending sector and so the challenge for brokers to find the right home for their clients’ loan becomes more and more onerous.

“Borrowers and regulators alike simply are not concerned with how difficult it is to keep abreast of all available product options, just that it is done.”

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Guide: how to… communicate with your pension members

Effective communication of your pension scheme is a large part of getting auto-enrolment right. Delivering the same message to all employees is not necessarily the way to go. To assist you with the communication of your pension scheme, we have provided some key areas to think about, such as:

  • What to consider when segmenting your workforce
  • How to communicate to pension scheme members at the right time in their member lifecycle
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