First-time landlords became the top search for buy-to-let lending for the first time at Knowledge Bank in August, its criteria activity tracker has found.
It’s also worth noting that ‘complex buy-to-let’ changes have been made by multiple lenders this month although this is yet to break into the top five.
As a result this is an area that brokers should definitely consider double checking before placing a case as changes can happen thick and fast in this sector.
Nicola Firth, chief executive of Knowledge Bank said: “Although August is traditionally a quiet month in the industry we’ve seen no slow up in broker’s activity in their effort to see where their clients will fit ever-changing lending criteria.
“Feedback from brokers over the month suggests that because of the base rate increase borrowers have a greater than before level of uncertainty about the products on offer and their ability to qualify for them.
“Coupled to this is evidence of a raft of lenders tweaking and refining their criteria in tandem with price changes as a result of what is only the second base rate rise in over a decade.
“This market uncertainty is a perfect example of where criteria sourcing can pay huge dividends.
“Brokers seem to be really switched on to the fact that a quick source of criteria against a client’s circumstances can offer reassurance for exiting applications and also generate new lending opportunities.”
