As part of its offer, Knowledge Bank reduced subscriptions for a month, but take-up by brokers was so strong that it has decided to keep them at the lower price permanently.
The technology provider said that by reaching more than 2,000 users its costs drop, so it is passing on this saving directly to brokers.
The cost of a single broker monthly subscription has been reduced to £14.99 +VAT, down from the previous cost of £25 +VAT.
An annual subscription will now be just £149.99 +VAT, down from £240.00 +VAT. There will also be additional discounts for firms with five or more brokers.
Always the plan
Nicola Firth, CEO of Knowledge Bank (pictured), said that it had always planned to reduce prices once it reached a certain number of subscriptions.
She added: “Now, thanks to all the support we have received from the industry, we are at a size where we are able to pass our cost savings straight onto brokers.
“As a result, we have exceeded 80,000 different pieces of criteria, an impossible amount of information for anyone to keep in their head at one time. Knowledge Bank also records evidence of research which can be saved directly into a client’s file, to ensure a robust file for compliance.”
Mags James, mortgage broker at Step by Step Mortgages Ltd, said: “I have been a mortgage broker for years and thought I knew the market well, but since using Knowledge Bank I have placed cases that I never knew were possible.
“Until now I have always phoned a mortgage club help desk, but Knowledge Bank has revealed lenders that my help desk has never advised me about.”