Right to buy one of most popular mortgage criteria searches
Right to buy was amongst the most searched for residential lender criteria by brokers for the first time in July according to Knowledge Bank’s monthly criteria tracker.
Other search highlights include ‘payday loan’ which featured for the first time in the second charge sector and interest-only.
Nicola Firth, chief executive of Knowledge Bank, said: “Our tracker reveals a few shifts this month with interest-only making an appearance in residential searches for the first time this year, most likely as a result of a several new products and criteria changes to this sector.
“Our monthly tracker proves just how much what a broker is searching for alters on a monthly basis. To remember criteria changes across all the different fields that a broker has to search is impossible.
“Even the best help desks would struggle to update this many changes to a spreadsheet in six months, without a team of people working on it full time. Knowledge Bank is in the fortunate position that it is updated by the lenders rather than staff in a club or network or the brokers themselves.”
‘British national working overseas or offshore’ was also revealed as one of the most popular searches within self-build for the first time.
Commercial property was in the top five within bridging for the first time since 2018, whilst commercial made an appearance in the top five buy-to-let searches.
Firth continued: “It is clear, brokers not using the systems are either spending a lot of their time chasing down the answers or possibly not always giving the best advice they could, as they are not fully aware of what all of the options were at the time the advice was being given.
“From a compliance perspective, the latter is an extremely frightening prospect!”
Knowledge Bank holds over 91,000 criteria from over 200 lenders, with almost 30,000 changes to mortgage lending criteria reported in the first half of 2019.