Knowledge Bank has bolstered its criteria search system with the introduction of a product transfer feature, in response to requests from brokers.
It will allow brokers to check the product transfer windows for every residential and buy-to-let lender which offers a rate switch.
Lenders will often waive the Early Repayment Charge (ERC) for borrowers remortgaging onto another of its own products; by knowing the time-period at which lenders are willing to waive the ERC it enables brokers to contact their clients ahead of this.
This tool allows brokers to find the time-frame in which residential and buy-to-let lenders will allow a product switch. Knowledge Bank said this benefits the borrower because it could save them money and can avoid them going onto the lender’s Standard Variable Rate (SVR), which will usually be higher than their existing rate. It also benefits the broker as it means that they can do the transaction on behalf of their client earlier.
Additionally, links to every lender’s product transfer page or system are on the new Knowledge Bank tool making them easily accessible. Brokers can now find all the information, and make the application directly from Knowledge Bank.
Brokers informed Knowledge Bank that there was no central location where product transfer information was held. This was resulting in them potentially missing out on early opportunities to switch rates for their clients, or having to spend valuable time searching for the transfer window for each lender.
Some lenders do not publish their product transfer windows on their websites, therefore brokers would have previously had to spend time contacting lenders, and then keeping their own records with regards to the time-frame. These windows are also subject to change, requiring brokers to contact lenders each time to confirm, and then update their own records.
Nicola Firth, CEO of Knowledge Bank, said: “As always at Knowledge Bank, the broker and the lender are at the heart of everything we do.
“We constantly invite brokers to give us feedback on the system, and ask them what they would like added to help them place cases more efficiently. This new product transfer feature is a perfect example of our team’s determination to provide the best solution for brokers.
“This is the first in a number of new releases on the system for both brokers and lenders that will further enhance user experience. This latest development has been extremely popular with our brokers, and we’ve already had some great feedback from them. We continue to evolve Knowledge Bank to ensure we remain an invaluable asset for brokers.”