Knowledge Bank has added a new safety certification category to its portal, in response to lenders’ concerns around the validity of certain EWS1 forms.
Intensifying scrutiny over the fire safety of certain kinds of cladding, in the aftermath of the Grenfell tragedy, has even led some lenders to withdraw offers due to concerns.
This update allows brokers to instantly see whether or not 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 accessible.
For example, lenders that will impose such restrictions include Aldermore, Nationwide and Natwest.
Lenders have direct access to update their criteria on KB PRO, which would also pass such changes onto their Interactive Criteria Guides and third-party systems such as Iress’ XPlan Mortgages and OMS.
Nicola Firth, CEO at Knowledge Bank, commented: “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concerns have caused distress for buyers and disrupted mortgage applications and even seen mortgage offers rescinded.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.”
