First-time landlords and first-time buyers featured in the top BTL criteria searches in June, explains data from Knowledge Bank.
The remaining three searches in the top five within this category were, ‘lending to limited companies’, ‘minimum income – interest-only/part and part single applicant’, and ‘requirement to be a homeowner’.
Meanwhile, within the residential category, age restrictions topped the list again: ‘maximum age at end of term’, and ‘maximum age on application’ came in at first and third respectively, while ‘self employed one-year accounts’, ‘income multiple used for affordability assessment’, and ‘interest-only’ made up the remaining top five slots in this category.
In the equity release category, ‘maximum age at application’ also topped the search table.
Knowledge Bank chief executive Nicola Firth says: “The BTL sector has taken a few punches over recent years with the removal of tax incentives, the ability to charge fees and even lenders going into administration.
“However, this is a resilient market and with competitive interest rates, and a wide product selection, potential landlords are asking brokers to find them a home for their loan requirements.
“BTL is another example of a sector where criteria changes are made on a daily basis so it is vital for brokers to whittle down the lenders who will consider their clients in advance of any product sourcing.
“There is no point finding a great product only to discover that your client is refused on criteria.”