These allow brokers to find lenders who offer flexibility post offer
Taking into account changing market conditions, digital criteria platform Knowledge Bank has added two new search options that will enable brokers to establish which lenders offer product flexibility after an offer has been made.
Knowledge Bank said 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.
It added that brokers can also ask the system, under the search ‘Product Transfer Change of Rate’, to see if lenders will permit a change of rate for product transfer after selection but prior to completion.
“Having been a broker myself, I know how frustrating it is to work in an unsettled climate with an increased frequency of rate changes,” Nicola Firth (pictured), founder and chief executive at Knowledge Bank, said. “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 the weeks to come.”
Firth recalled seeing a social media post by Lea Karasavvas, owner and managing director 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. Firth said she immediately thought that this was something that Knowledge Bank 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,” she added.
Karasavvas provided Knowledge Bank positive feedback following the launch of the new criteria categories.
“Another wonderful tool that is now set up for broker research,” he said. “Knowledge Bank really is an incredible broker aid and becoming hugely integral tool to our role.”
