Criteria Hub is the brain child of co-founder Jason Hegarty who has been a mortgage broker for 16 years. Fed up with the amount of time it took to find out specific criteria by either having to call lenders or research their websites, Jason and two colleagues set about creating a system which brings all that information together.
Two years in the making, it is still in Beta stage but already has 25 lenders on board with more in the pipeline and is being tested by around 50 brokers.
The system has 250 criteria covering a range of scenarios. For example, if a client was bankrupted three years ago, the system brings up which lenders will lend and what their criteria is. It’s the same for Japanese knotweed in the garden or which lenders will take into account child maintenance or state benefits.
Lenders update the system as and when their lending criteria changes and they can compare their own criteria with others.
Criteria Hub is free for lenders and should be available for brokers in a couple of months where a fee of around £30 a month will apply.
Jason Hegarty said: “We are building a lending criteria community. The first stage is residential mortgages and the second stage will be buy-to-let. Going forward we will also be looking to include a live chat for brokers and lenders to converse online.
“Once a broker knows which lenders will accept the client’s business they can either use one of the mortgage sourcing systems for product details or go straight to the lender they have identified.”