"We continue with our commitment to support both brokers and lenders in these demanding times and to do everything we can to keep advisers advising."
In the Government’s daily briefing on 17th March 2020, Chancellor Rishi Sunak announced a series of emergency measures to protect households affected by the fast-spreading coronavirus.
Mortgage lenders will offer at least a three month mortgage holiday and are currently putting in place emergency criteria to accommodate the announcement.
In response, Knowledge Bank is providing brokers and the wider industry with a single point of reference for all criteria and policy relating to the Covid-19 situation.
This tool, like Knowledge Bank, will be updated in real-time by the lenders themselves as they announce their policy changes over the coming days.
Knowledge Bank will also add more questions and answers around this subject as they emerge in the coming days and weeks.
The tool aims to save brokers needing to call each individual lender for the answers and will also reduce the pressure on the lender’s intermediary teams.
Lenders' stances on buy-to-let mortgages will be added to the tool by the end of the week.
The tool is available at https://www.yourknowledgebank.uk/covid19/.
Nicola Firth, founder and CEO of Knowledge Bank, said: “As the UK’s largest and most comprehensive mortgage criteria search system, the industry looks to us to provide up-to-date and accurate information on lending policy. It was important to us that we rose to this challenge today in light of the announcements yesterday and on Monday.
“I’m incredibly proud of the team here at Knowledge Bank who have stepped up to that challenge within a day and have liaised with our contacts at the lenders and created a free to use tool for brokers to use to best advise their clients on each lender’s stance and process. We continue with our commitment to support both brokers and lenders in these demanding times and to do everything we can to keep advisers advising.”
