Knowledge Bank has created a free tool for brokers to access the information they need to deal with the volume of enquiries they are receiving from clients during the coronavirus outbreak.
The tool, a single point of reference for all criteria and policy relating to the outbreak, will be updated in real-time by lenders as they announce their policy changes over the coming days.
Knowledge Bank made the launch in light of the recent Government announcement of a three-month mortgage holiday, and the criteria search specialist also revealed it would be “totally responsive” – adding more questions and answers around the subject as they emerge in the coming weeks – saving brokers’ both time and the need to call each individual lender for answers.
The criteria search specialist indicated this would reduce the pressure on lenders’ intermediary teams, and also announced that lender’s stances on buy-to-let mortgages will be added to the tool by the end of the week.
“As the UK’s largest and most comprehensive mortgage criteria search system, the industry looks to us to provide up-to-date and accurate information on lending policy,” Knowledge Bank founder and CEO, Nicola Firth, commented. “It was important to us that we rose to this challenge today in light of the (recent) announcements.
“I’m incredibly proud of the team here at Knowledge Bank who have stepped up to that challenge within a day and have liaised with our contacts at the lenders and created a free to use tool for brokers to use to best advise their clients on each lender’s stance and process.
“We continue with our commitment to support both brokers and lenders in these demanding times and to do everything we can to keep advisers advising.”
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