Brokers can now easily pinpoint suitable lenders using the search terms ‘composite cladding/EWS1 form’ and ‘local authority search indemnity insurance’.

The cladding category was introduced to enable brokers to locate lenders which would lend on properties with composite cladding.

Knowledge Bank said due to potentially unsafe cladding, there has been a surge in brokers dealing with clients who are effectively mortgage prisoners. They are trapped in unsafe housing as they struggle to remortgage or sell their property, as some lenders are hesitant to provide finance.

An estimated 650,000 people are currently living in properties with potentially unsafe cladding according to The Guardian.

The indemnity insurance category has been introduced to help speed up the mortgage process and potentially lower costs as it means the lender does not have to conduct a search on the property.

As awareness and demand for indemnity insurance is growing, Knowledge Bank makes it easier for brokers to find lenders that accept this.

Nicola Firth, founder and CEO of Knowledge Bank, said: “Supporting brokers is our number one focus. When we see a trend of requests or activity in the market, we immediately look to develop new categories to support this demand, and give brokers access to the information they need to help their clients.

“In the past year, more than any other, Knowledge Bank gained the reputation for being immediately responsive, providing brokers with the information they need, when they need it.

“With 52,000 criteria changes last year alone, it is clearly impossible to keep up with lenders’ changing criteria with a traditional spreadsheet. Brokers clearly realise this. The necessity of a criteria search system was demonstrated by the enormous and unprecedented number of searches carried out by brokers last year, which topped 1.35million.

“2021 looks certain to be another year of change. As always, we will ensure that we are on hand to help brokers and will continue to add new criteria, improve our service and support brokers the moment it is necessary.”