Knowledge Bank creates point of reference for lenders’ SVRs in response to broker demand
Criteria search tool Knowledge Bank has responded to the demand for an easy way for brokers to see lenders’ current standard variable rates (SVRs) by creating a point of reference for all residential and buy-to-let (BTL) lenders.
The move came in response to a call on Twitter from mortgage broker Phil Leivesley, of Leivesley Mortgage Services, for Knowledge Bank and Criteria Hub to implement a search field for lenders’ SVRs, to help brokers keep up to date during the frequent changes due to the coronavirus pandemic and lockdown.
Within 24 hours, Knowledge Bank had created a fully searchable feature on its system, housing SVRs from every lender, across both residential and BTL mortgages.
Knowledge Bank has also created a feature for loan-to-value ratios (LTVs) on its criteria search system.
This follows the creation of its live COVID-19 criteria feed, which it provides to brokers free of charge.
Nicola Firth, founder and CEO of Knowledge Bank, said: “We saw Phil’s request and the whole Knowledge Bank team agreed to rise to the challenge.
“Full credit to the team, they worked their socks off to turn this request for an easy-to-use point of reference, into a reality.
“This is a great example of technology moving at an incredible pace to keep up with the evolving needs of brokers, and demonstrates that Knowledge Bank is here for brokers and both willing and able to support them, no matter what might happen in the market.”