Knowledge Bank

Knowledge Bank reports rise in average number of criteria searched per case



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The average number of criteria searched on Knowledge Bank per case has increased from 4.5 to five, according to new research.

Knowledge Bank’s recently launched monthly report – the criteria activity tracker – reveals the search criteria that brokers are most interested in from its pool of more than 100 lenders.

There were over 65,000 searchable criteria in July – a rise of more than 5,000 on June – showing the increase in complexity in borrowers’ circumstances.

The July report found that maximum LTV was the most searched for term when brokers were looking at the second charge sector. 

It was also the fourth-most searched term in the residential loans sector and the third-most searched term in the overseas sector.

Meanwhile, for BTL loans, minimum income and first-time landlord remained in the top two but holiday lets and lenders requiring the applicant to be a homeowner broke into the top five. 

The full results are:

 
Nicola Firth, CEO at Knowledge Bank (pictured above), said: “We have heard recently that product numbers are increasing and that is why criteria searching is becoming an essential first step on the advice process.

“Any growth in product numbers is accompanied by a raft of criteria that sits behind the headline rates. 

“One of the most startling facts from the tracker this month is that a broker is searching an average of five separate criteria categories for each case. 

“This shows just how complex a borrower’s needs are becoming and how crucial it is for a broker to know at the [outset] which lenders will consider their client.”

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