Knowledge Bank’s criteria index has revealed a new top five search for BTL this month, around whether lenders would offer BTL mortgages to first-time buyers.
This indicates the significant challenge faced by aspiring property owners, who potentially can’t afford to buy a home to live in so want to get onto the property ladder through BTL instead.
Knowledge Bank tracks the most frequent searches performed by brokers as they look to place a client’s case.
In a month that saw the Bank of England raise interest rates by half a point to 5% in an attempt to curb inflation, the Knowledge Bank criteria tracker highlights the growing demand for solutions to address financial difficulties.
Nicola Firth, CEO at Knowledge Bank (pictured above), commented: “Amidst the mounting financial challenges faced by borrowers, many are desperately seeking assistance with their mortgage terms and additional borrowing for debt consolidation, [while] brokers are exploring options to ease their clients’ financial situation.
“For borrowers transitioning from a fixed rate, the prospect of moving to a significantly higher rate is particularly onerous.
“The crucial role of brokers in assisting both existing and prospective borrowers has never been more important.
“At the same time, brokers are encountering unparalleled challenges in their efforts, as they navigate rates that are being pulled every few days, and an extensive array of criteria to locate a lender capable of providing assistance.”
