Specialist borrowers looking beyond England: Knowledge Bank

The top mortgage search term in April under the self-build category was ‘lend in Scotland’, according to Knowledge Bank, while in equity release, ‘lend in Wales’ was the second most searched term.

Under self-build, the second position went to ‘maximum loan to value’, followed by ‘maximum LTV – loan to cost’, ‘lend against land’, and ‘architect’s certificate’.

Within the equity release category, the number one position went to ‘medically enhanced lifetime mortgage’.

Meanwhile, debt related searches continued to dominate both the residential and the second charge categories.

The residential category saw ‘maximum age at end of term’ as the top search. Followed by ‘self-employed one year accounts’, ‘Help to Buy equity loan scheme’, ‘defaults – unsatisfied’, and ‘defaults – registered in the last three years’.

Meanwhile, within the second charge category, ‘maximum LTV’ was the most searched term. Followed by ‘residential mortgage in the background to remain’, ‘mortgage or secured loan arrears or defaults’, ‘debt management plan – ongoing or current’, and ‘interest only’.

Furthermore, the buy-to-let category in April, recorded ‘lending to limited companies’ as the number one searched term. This was proceeded by ‘first time landlord’, ‘requirement to be a homeowner’, ‘minimum income – interest only or part and part single applicant’ and ‘first time buyers’.

Knowledge Bank chief executive Nicola Firth comments: “The criteria index shows us the challenges that brokers are facing in placing cases and how important it is to sort the wheat from the chaff.

“It is so frustrating for brokers to approach a lender on behalf of their customer thinking that they will be accepted on a product to find that they fall outside of criteria.

“Equity release is a good example of this; as the sector grows brokers are constantly having to search for different criteria including, as we have seen, where lenders will lend.

“With the scale and frequency of criteria changes in the market it is simply impossible for brokers to keep pace without a system to support them.”

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