"We expect this trend to grow as so many prospective customers do not fit the ‘one size fits all’ underwriting approach of the bigger high street lenders."
New criteria search engine, Criteria Hub, has reported increasing criteria searches of its database by brokers looking to ensure that they only target those lenders who can potentially lend to their clients.
The Hub says that in the 90 days since it launched a free to use pilot scheme to brokers, 15,000 individual searches have been made looking to confirm lenders’ willingness to lend on a single part of their criteria.
Since the soft launch, brokers have then gone on to do an average of roughly three specific click throughs for every individual search to mine extra information on lenders who have stated they can lend in that client’s particular circumstances.
Criteria Hub is planning a full roll-out in January 2018.
Director, Jason Hegarty, said: “The amount of support we are already seeing for our criteria engine is staggering, particularly as we have not even officially launched yet. It also illustrates just how much broker business is crystallising around the more specialist areas, where enquiries are non-vanilla. We expect this trend to grow as so many prospective customers do not fit the ‘one size fits all’ underwriting approach of the bigger high street lenders.
"As our lender base increases, our service will become even more comprehensive and we are already well on our way to including the majority of lenders in Q1 next year.”