"The recent cladding-related concerns have caused distress for buyers and disrupted mortgage applications and even seen mortgage offers rescinded. "
- Nicola Firth, CEO of Knowledge Bank
Criteria search system, Knowledge Bank, has added a new criteria category to help brokers navigate lender requirements regarding EWS1 forms and acceptable safety certificate providers.
This update follows recent developments in the cladding crisis, which saw some lenders withdrawing mortgage offers due to concerns over which companies had issued these forms.
Following a BBC news report on 31st January, which highlighted lender concerns over the validity of certain EWS1 forms, the new category allows brokers to instantly see whether a lender will accept a mortgage application regardless of the company that has issued the EWS1 form. If a lender does impose restrictions, the criteria will detail which safety certificate providers are deemed acceptable.
This update ensures that brokers can provide accurate advice to clients facing uncertainty over mortgage approvals due to EWS1 form challenges. It also streamlines the application process by eliminating the need for brokers to manually check with individual lenders, saving time and reducing delays for buyers and sellers alike.
Lenders also have direct access to update their criteria on KB PRO which gives them the ability to change their criteria instantly which not only updates for all of their internal teams and Knowledge Bank for brokers, but also updates their Interactive Criteria Guides and third party systems such as Iress’ XPlan Mortgage, OMS and Air Sourcing so accurate information is displayed everywhere and in real-time.
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concerns have caused distress for buyers and disrupted mortgage applications and even seen mortgage offers rescinded.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.
"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to consider their policy to avoid future incidences of mortgage applications being declined or mortgage offers being withdrawn.”
