The platform has added the search options ‘change of product – rates reduced after mortgage offer’ and ‘product transfer change of rate’. The first option allows clients to switch to a cheaper rate after an offer but before completion while the second filters lenders who permit a change of rate after it has been selected, but before completion.
Broker clarity
Nicola Firth, founder and chief executive of Knowledge Bank, said: “Having been a broker myself I know how frustrating it is to work in an unsettled climate with an increased frequency of rate changes. We find ourselves in a turbulent market with rates changing frequently and it’s impossible to be confident that the rates secured today are going to be the most cost-effective in weeks to come.
“I saw a social media post by Lea Karasavvas of Prolific Mortgage Finance requesting clarity from lenders on a borrowers’ ability to swap to a lower fixed rate product post offer, should any be launched prior to completion and immediately thought that this is something that we could help with. As a result, we’ve added these two new search categories to help advisers manage expectations of clients further and clarify the options should rates reduce during the application process.”
Lea Karasavvas, owner and managing director of Prolific Mortgage Finance, said: “Another wonderful tool that is now set up for broker research. Knowledge Bank really is an incredible broker aid and becoming a hugely integral tool to our role.”
