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Knowledge Bank criteria searches soar in first month

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  • 12/10/2017
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Knowledge Bank criteria searches soar in first month
Brokers have conducted almost 12,000 criteria searches on Knowledge Bank in the month since launch.

Of the 11,966 criteria searches, the top three residential searches in September were: maximum age at the end of term; interest only; and self-employed with one year’s accounts.

Meanwhile, the top three buy-to-let searches were: minimum income; lending to limited companies; and first-time landlord.

Knowledge Bank is a mortgage criteria searching system operated by Compass Systems.

The number of individual pieces of criteria on the system has also increased by 7,380 from the start of September as more lenders put their own criteria onto Knowledge Bank.

This takes the total number of criteria up to 22,412 so far. There are over 480 different categories in six different mortgage types, including buy-to-let, second charge and equity release, as well as residential mortgages.

In the last ten days the number of lenders with their criteria on Knowledge Bank has risen from 54 to over 60, up from 43 lenders at launch on 6 September. Every major lender and many specialist lenders either already have their criteria on Knowledge Bank or are in the process of adding it, said the firm.

Broker Mags James from Step by Step, incorporating TT Finance and Mortgages Services, said: “Until now I have always phoned a mortgage club help desk, but Knowledge Bank has revealed lenders that my help desk has never advised me about.”

Nicola Firth (pictured), chief executive of Knowledge Bank and parent company Compass Systems, said: “It is incredible to see how popular Knowledge Bank already is with both brokers and lenders. So, 11,966 searches in a month when we are only just getting started is phenomenal and it is particularly good news that this is leading to more business enquiries for the lenders.”

“The fact that brokers are placing cases they never thought were possible is great for the broker but particularly good for their clients. This can be crucial especially if someone is self-employed or an older borrower as the top searches reveal.”

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