On 17th March 2020, chancellor of the exchequer Rishi Sunak announced a series of emergency measures to protect households in light of the coronavirus pandemic.
One such policy was that lenders would offer a mortgage holiday.
In response to this, Knowledge Bank has provided brokers — as well as the wider industry — a single point of reference for all criteria and policy relating to the coronavirus situation.
The tool will allow brokers to access important information that will equip them to deal with the volume of enquiries they receive.
Lenders will update the tool in real-time as they announce their policy changes over the coming days.
Knowledge Bank will also be totally responsive, adding more questions and answers around the subject as they emerge, so brokers will always have a clear picture.
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Lenders’ stances on BTL mortgages will also be added to the tool by the end of the week.
Nicola Firth, founder and CEO at Knowledge Bank (pictured above), said: “…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 in light of the announcements…”
“I’m incredibly proud of the team here at Knowledge Bank, which has stepped up to that challenge within a day, and has 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 lenders’ stance and process.”
Nicola highlighted Knowledge Bank’s commitment to support brokers and lenders in these “demanding times” and hopes to do everything possible to keep “advisers advising”.
Brokers wanting to use the free tool can find it at the Knowledge Bank website.
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