Knowledge Bank: 46,000 mortgage criteria changes in 2021

by Aaron Strutt

Jan 10 2022

With stamp duty holiday deadlines, the end of the furlough scheme and changes in the buy-to-let sector, 2021 was another year of constant mortgage criteria amendments.  

According to Knowledge Bank, the mortgage data provider, there were a staggering 46,000 criteria changes equating to roughly 3,800 changes every single month.  

Aaron Strutt, product director at Trinity Financial, says: “Banks and building societies make criteria changes when they either want to make it easier or harder to get a mortgage.

"When covid hit the lenders dramatically tightened their rules by increasing the size of deposits needed or pulled out of lending to the self-employed. Thankfully they are now easing their rules to ensure more people qualify."

Mortgage lenders list their acceptance rules mainly on their intermediary websites to confirm who they will and won't accept and Knowledge Bank's system keeps track of the data.    

Call Trinty Financial on 020 7016 0790 to secure a mortgage or book a consolation