Knowledge Bank has announced the addition of second charges and bridging to its Covid-19 live feed, as an increasing number of lenders adjust to the impact caused by the coronavirus pandemic.
The criteria search specialist has also added new categories for its residential and buy-to-let (BTL) sections.
The demand for Knowledge Bank’s free Covid-19 live feed, which was created to provide a single point of reference for every lender’s criteria changes, has now exceeded 1300 brokers, just two weeks after it launched.
Knowledge Bank reported that 509 brokers had signed up in less than 24 hours, and that the number had continued to escalate in line with the number of lender changes – in the past two weeks, there have been almost 3,000 additions and changes to criteria.
After a two-week period that saw an average of almost 300 changes per day, however, the search expert said it was now starting to see fewer changes, suggesting that lenders were starting to get to grips with the market having decided on their lending positions.
Knowledge Bank founder and CEO, Nicola Firth, commented: “The number and type of changes we have seen from lenders in the past two weeks are completely off the scale of anything ever seen before.
“Not only are lenders having to make fundamental changes, they are having to do it while working from home and often with a reduced number of staff. For brokers trying to keep on top of these changes and advise their clients, it must feel like a tsunami.
“We have added new categories to our free of charge ‘Covid-19 Criteria Live Feed’ lender changes in order to play our small part in helping advisers to keep advising, especially at this time when their clients need them most.”
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