Knowledge Bank has announced the addition of a product transfer feature to its criteria search system.

The tool, a first of its kind, will allow brokers to check the product transfer windows for every residential and buy-to-let (BTL) lender which offers a rate switch.

Knowledge Bank highlighted that lenders will often waive the Early Repayment Charge (ERC) for borrowers remortgaging onto another of its own products, but suggested by knowing the time period at which lenders are willing to waive the ERC, it would enable brokers to contact their clients ahead of this.

Some lenders do not publish their product transfer windows on their websites, meaning brokers would have to spend time contacting lenders and then keeping their own records with regards to the timeframe.

The new tool is also expected to benefit borrowers 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.

Knowledge Bank founder and CEO, Nicola Firth, commented: “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.”

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