Many lenders waive early repayment charges for clients remortgaging onto another of their own products, and brokers can now more easily discover the time-window in which the product switch will be allowed.
Brokers can also apply to the lender though Knowledge Bank, simplifying the process.
Knowledge Bank said the feature was an industry first and had been developed based on feedback from brokers.
Brokers had told the provider they lacked a central place where they could find product transfer information, resulting in them either missing out on early opportunities to switch rates for clients or having to make laborious searches to establish the accurate timings of switch windows.
Knowledge Bank will continuously monitor product transfer window information, ensuring its up-to-date.
Switching products at the end of a deal can prevent clients from lapsing onto the lenders often-higher standard variable rate.
There is also a benefit to the broker who can complete the transaction earlier than they otherwise might have.
Nicola Firth, founder and chief executive at Knowledge Bank (pictured), said: “The new product transfer feature is a perfect example of our determination to provide the best service for brokers. This is the first in a number of new system releases that will further enhance user experience for brokers and lenders.
“It has already been extremely popular with brokers,” Firth added.
Norman Martell, compliance manager at broker firm Elite Independent Mortgages, said: “Product transfers are an important part of ensuring our clients are best-served. Having to keep track of product transfer windows was time consuming. Now, all the information the team needs is to hand, and from a compliance perspective it’s possible to evidence why the rate switch was made at that time.”
“Having direct access to lender systems for product transfer, by way of Knowledge Bank, is also extremely useful, especially when a broker is sat with a client,” Martell added.