Someone who applies for a mortgage, or other financial product.

Applicant Type
A method of classifying applicants by status or other market segment. Common types for mortgages applicants might include first time buyer, self employed, or buy to let.

Another classification method is by credit history. Lenders use different terminology but the range typically used includes-

Prime- excellent credit history

Slight Adverse- some missed payments

Medium Adverse- More serious financial black marks

Heavy Adverse- CCJ's Defaults, Bankruptcy

Adverse clients are also commonly referred to sub-prime applicants