Brokers are working with an increased number of borrowers with new jobs, the latest Knowledge Bank criteria tracker shows.

The tracker shows that ‘time in employment’ was the fourth most popular search term among brokers in October, as an estimated 1.32m people returned to work after the end of the furlough scheme.

The top three most searched for terms in the tracker for residential products were ‘Maximum age at end of term’, ‘Income multiples’, and ‘self-employed – one year’s accounts,’ providing insight into the types of clients currently in the market.

‘Missed or late payments’ also featured in the residential market, and ‘capital raising for debt consolidation’ and ‘mortgage or secured loan arrears or defaults’ were amongst the most-searched in the second charge market.

In the bridging market, ‘minimum loan amount’ was the most-searched term in October, suggesting borrowers are looking to bridging finance to make minor improvements to properties.

There were also some looking to make significant changes to properties, with ‘heavy refurbishment’ and ‘maximum loan to value’ also featuring in the five most-searched terms.

‘Regulated bridging’ was the second most-searched term in October in the short-term lending space.

With rising house prices, more people may be exploring the option of building their own home. In the self-build sector, ‘minimum loan amount’ featured in the most-searched terms for the first-time since June.

However, with prices rising for materials, and supply issues, most were looking to maximise the amount they could borrow. Consequently ‘maximum loan to value’ and ‘maximum loan to cost’ occupied the first and second most-searched spots in the self-build sector.

Knowledge Bank’s operations director Matthew Corker explains that lenders are responding to broker searches by adjusting criteria at a rapid pace.

Corker says: “Our criteria database is the most comprehensive on the market, and our analysis shows lenders have been reviewing a range of criteria recently, particularly in areas where brokers are searching.

“For instance, with the end of furlough, brokers are working with a number of clients who have started new roles, and lenders have reacted, loosening criteria for borrowers starting new jobs.

“This follows a raft of criteria changes related to self-employed borrowers. By reducing restrictions imposed on freelancer applicants, lenders demonstrated that overall, they are confident that the economy is returning to normal.

“There are still a huge number of vacancies across sectors, and there will undoubtably be more new starters in the coming months, so this may well be an area that lenders continue to look at.”