Broker portal Criteria Hub is nearing launch, letting intermediaries search and compare lenders’ residential criteria in one place for the first time.
Criteria Hub lists lenders’ criteria and lets brokers run whole-of-market searches that show what different lenders allow.
The system also gives additional information, such as whether there are any conditions attached to lender criteria or if they are willing to consider cases that might appear to be outside their underwriting appetite.
The portal is designed to save brokers time and help improve their ability to give advice, according to Criteria Hub founder Jason Hegarty, a former broker.
The portal is updated by lenders and through Criteria Hub’s own algorithms.
A trial version of the portal will launch in around two weeks to selected SimplyBiz brokers.
It will then expand to the whole market “in due course”, Hegarty says.
Hegarty says: “As a broker, we built this because we wanted to save time and reduce the amount of time we spent on hold to lenders or trawling through policy documents.
“The second reason is we want to give clients a better level of advice.”
Hegarty says Criteria Hub often lists more detail on lenders’ criteria than they list on their own websites.
Out of 2,166 criteria on Criteria Hub, 966 were not on lenders’ websites.
Brokers can register their interest here to get early access.
The trial period is free, and the final product will cost around £30 a month.
Criteria Hub will compare residential criteria at first, then move into buy-to-let, then bridging and secured lending, according to Hegarty.