Criteria search system Knowledge Bank has unveiled two new search options in response to changing mortgage market conditions.

The firm said the move would enable brokers to establish which lenders offer product flexibility after an offer has been made.

Knowledge Bank confirmed that brokers will now be able to search for “change of product – rates reduced after mortgage offer”, which will reveal which lenders are allowing clients to switch to a more cost-effective rate post offer but prior to completion.

Brokers using the platform can also use 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 again 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,” commented Knowledge Bank founder and chief executive, Nicola Firth. “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.

Firth cited that she had seen a social media post by 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,” she added.

Following the launch of the new criteria categories owner and managing director of Prolific Mortgage Finance, Lea Karasavvas, commented: “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.”

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