Knowledge Bank launches industry-first product transfer tracker
15 July 2021
Knowledge Bank has enhanced its industry leading criteria search system with the addition of a revolutionary product transfer feature. The latest development is an industry-first, and will allow brokers to check the product transfer windows for every residential and buy-to-let lender which offers a rate switch.
Lenders will often waive the Early Repayment Charge (ERC) for borrowers remortgaging onto another of its own products; by knowing the time-period at which lenders are willing to waive the ERC it enables brokers to contact their clients ahead of this.
This tool is the first of its kind, and allows brokers to find the time-frame in which residential and buy-to-let lenders will allow a product switch. This benefits the borrower 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. It also benefits the broker as it means that they can do the transaction on behalf of their client earlier.
Additionally, links to every lender’s product transfer page or system are on the new Knowledge Bank tool making them easily accessible. Brokers can now find all the information, and make the application directly from Knowledge Bank, making the process quicker and easier than it’s ever been before.
This latest feature was developed by the Knowledge Bank team in response to requests from brokers. Brokers informed Knowledge Bank that there was no central location where product transfer information was held. This was resulting in them potentially missing out on early opportunities to switch rates for their clients, or having to spend valuable time searching for the transfer window for each lender.
Some lenders do not publish their product transfer windows on their websites, therefore brokers would have previously had to spend time contacting lenders, and then keeping their own records with regards to the time-frame. These windows are also subject to change, requiring brokers to contact lenders each time to confirm, and then update their own records.
Knowledge Bank continuously monitors lender’s product transfer windows to ensure the tracker is always up to date with the latest information, so if a lender changes its ERC-exemption window, subscribers to Knowledge Bank are updated immediately.
Nicola Firth, founder and CEO of Knowledge Bank commented: “As always at Knowledge Bank, the broker and the lender are at the heart of everything we do.
“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. We continue to evolve Knowledge Bank to ensure we remain an invaluable asset for brokers.”
One of the users of the product transfer feature, Norman Martell, compliance manager from Elite Independent Mortgages Ltd commented: “Product transfers are an important part of our business in ensuring that our clients are best served. Having to previously keep track of product transfer windows was time consuming for the team but this latest addition to Knowledge Bank is perfect.
“All of the information the team need is to hand and from a compliance perspective, it’s now possible to evidence why the rate switch was made at that time.
“Having direct access to the lender’s systems via Knowledge Bank for product transfers is also extremely useful, especially when the broker is sat with a client. A very welcome addition to what is already an invaluable system.”
Brokers wanting to find out more about Knowledge Bank can visit: www.knowledgebank.uk
