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Later life sourcing systems offer free coronavirus lender updates

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  • 03/04/2020
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Later life sourcing systems offer free coronavirus lender updates
Mortgage and equity release sourcing systems are adapting to the coronavirus by creating special features to help brokers navigate their way through the crisis.

 

AdviseWise has launched a ‘coronavirus news feed’ on its website to provide later life updates, including rate, product and process changes in real time.

Users can also subscribe to receive real time updates via email, to be notified as soon as a later life Covid-19 news is published.

Jane Hanlon, mortgage club manager at Advise Wise, (pictured) said: “Advisers are very busy with clients at these times and the market is changing very fast every day. It’s vital they are up to speed with how things are evolving, so they can react and make the most of any opportunity.”

Air Group has also published a hub giving coronavirus updates and business continuity resources for the later life community.

The hub is available to all firms and not limited to Air Group members, with news and resources updated daily.

 

Knowledge Bank

Bridging and second charge lending changes have been added to the Knowledge Bank feed to sit alongside residential and buy-to-let.

In the past two weeks there have been almost 3,000 criteria updates, as the pandemic prompts a raft of changes from lenders.

Brokers can now search under the following categories for residential and buy-to-let relating specifically to Covid-19 policy and processes:

  • COVID-19: Capital and Interest to Interest Only
  • COVID-19: Product Transfer Eligibility
  • COVID-19: Late Payment Fees
  • COVID-19: Furloughed Workers
  • COVID-19: Mortgage Payment Holidays
  • COVID-19: Temporary LTV Restrictions

Nicola Firth, founder and chief executive of Knowledge Bank (pictured), said: “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 keep on top of these changes and advise their clients trying to it must feel like a tsunami.”

 

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