Knowledge Bank, the UK’s largest criteria search system has unveiled two new search options in response to changing market conditions enabling brokers to establish which lenders offer product flexibility after an offer has been made.
Brokers will now be able to search for ‘Change of Product – Rates Reduced after Mortgage Offer’ which will reveal which lenders will allow clients to switch to a more cost-effective rate post offer but prior to completion.
Brokers can also interrogate the system under the search ‘Product Transfer Change of Rate’ enabling users to see if lenders will permit a change of rate for product transfer after selection but prior to completion.
Knowledge Bank’s Founder and Chief Executive Nicola Firth said, “having been a broker myself I know how frustrating it is to work in an unsettled climate with an increased frequency of rate changes. We find ourselves in a turbulent market with rates changing frequently and it’s impossible to be confident that the rates secured today are going to be the most cost effective in weeks to come.
“I saw a social media post by Lea Karasavvas of Prolific Mortgage Finance requesting clarity from lenders on a borrowers’ ability to swap to a lower fixed rate product post offer, should any be launched prior to completion and immediately thought that this is something that we could help with. As a result, we’ve added these two new search categories to help advisers manage expectations of clients further and clarify the options should rates reduce during the application process”
Following the launch of the new criteria categories Lea Karasavvas, Owner and Managing Director of Prolific Mortgage Finance said “Another wonderful tool that is now set up for broker research. Knowledge Bank really is an incredible broker aid and becoming hugely integral tool to our role”
This week also saw the launch of Knowledge Banks’ annual ‘12 days of Christmas’ promotion where users and those participating in a trial of the system can win some amazing prizes donated by industry partners.
Brokers wanting to find out more about Knowledge Bank can visit: www.knowledgebank.uk
