The tool was launched yesterday (19th March) to provide brokers with a single point reference for every lender’s criteria, policy and processes relating to the Covid-19 situation.
There were 926 criteria updates from 91 lenders in just 48 hours following the government’s announcement of a mortgage payment holiday for homeowners.
- Masthaven launches new broker portal offering instant DIPs for bridging
- Knowledge Bank designs new broker tool to support Covid-19 criteria changes
- Central Bridging joins the Knowledge Bank platform
Some of the updates included changes in response to the Covid-19 pandemic, while others were related to the launch of new product ranges.
Thirty-two lenders have said that they will provide borrowers with a payment holiday, but most require the borrower to phone the lender.
Nicola Firth, founder and CEO at Knowledge Bank (pictured above), said: “It’s at times like this that we all need to work together.
“This live feed is a completely free-to-use tool for brokers and the industry to help deal efficiently with the understandable concerns from borrowers in these unprecedented times.”
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