For bridging, intermediaries also looked up ‘regulated bridging’ and ‘maximum LTV’, which were the second and third most popular searches.
Meanwhile, commercial brokers also focused their criteria searches on ‘semi-commercial properties’ and ‘excluded commercial sectors’.
- What does the specialist finance industry need in 2023 and beyond?
- Knowledge Bank launches new criteria search categories
- 'You have to give us the entire picture' – what commercial lenders need from brokers amidst current economic upheaval
Nicola Firth, CEO at Knowledge Bank, said: “The year ended as it started, with a raft of changes across all lending types.
“Advisers have had a tough year, with processing and completion times being extended which slowed commission payments and, in some cases, meant that mortgage offers ran out and had to be re-brokered.
“In a period of such instability and change, it is even more crucial that brokers avoid declined applications where clients think they qualify for a product only to fail the lender's criteria requirements — this is hugely frustrating and completely unnecessary if a criteria search has been performed prior to a product search.
“Early indications are that 2023 will continue to be a lending landscape of great uncertainly, so brokers need to use all the tools at their disposal.”
Leave a comment