Mortgage criteria search system Knowledge Bank has added a criteria category to show which lenders request safety certificates for residential blocks.
Knowledge Bank added this category to inform brokers when an EWS1 form may be needed, and which safety certificate providers are accepted.
This comes after a BBC report suggested some lenders were withdrawing mortgage offers over concerns about which companies were producing these documents.
The firm said the update would help to streamline the application process and brokers would not need to manually check the requirements of each lender.
Lenders can update their criteria directly through its KB Pro system, which allows them to change their criteria instantly on their internal systems and Knowledge Bank, but also interactive criteria guides and third-party platforms like Iress’ XPlan Mortgage, OMS and Air Sourcing, so the same information is accurate in all places.
Nicola Firth, CEO of Knowledge Bank, said: “At Knowledge Bank, we are committed to keeping brokers informed and empowered with real-time criteria updates. The recent cladding-related concerns have caused distress for buyers and disrupted mortgage applications and even seen mortgage offers rescinded. By adding this new category, we are ensuring brokers have the information they need at their fingertips to help clients navigate this issue.
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“It is also bringing it to the forefront with lenders, some of whom have yet to confirm their stance on the matter. By adding the criteria category to Knowledge Bank, we are being proactive alongside lenders in asking them to consider their policy to avoid future incidences of mortgage applications being declined or mortgage offers being withdrawn.”
