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Almost 12,000 criteria searches conducted on Knowledge Bank in one month PDF Print E-mail
Thursday, 12 October 2017
Brokers have conducted 11,966 criteria searches on Knowledge Bank in the month since its launch, with the top three residential searches in September being: 

1. maximum age at the end of term
2. interest only
3. self-employed with one year’s accounts.

While the top three buy-to-let searches were:

1. minimum income
2. lending to limited companies
3. first time landlord.

The number of individual pieces of criteria on the system has also increased by 7,380 from the start of September as more lenders put their own criteria onto Knowledge Bank. This takes the total number of criteria up to 22,412 as of this morning. There are over 480 different categories in six different mortgage types, including buy-to-let, second charges and equity release, as well as residential mortgages.

The number of lenders on Knowledge Bank is also increasing all the time. Just ten days ago there were 54 lenders with their criteria on Knowledge Bank, but that number now exceeds sixty; it was just 43 lenders at launch on the 6th September. Every major lender and many specialist lenders either already have their criteria on Knowledge Bank or are in the process of adding it in, with more lenders adding criteria on a daily basis. Those lenders with all their criteria uploaded, are already seeing the benefit of increased new business enquiries.

One broker, Mags James from Step by Step incorporating TT Finance and Mortgages Services Ltd, says, “I have been a mortgage broker for years and thought I knew the market well, but since using Knowledge Bank I have placed cases that I never knew were possible. Until now I have always phoned a mortgage club help desk, but Knowledge Bank has revealed lenders that my help desk has never advised me about.”

Nicola Firth, CEO of Knowledge Bank and its parent company Compass Systems, says, “It is incredible to see how popular Knowledge Bank already is with both brokers and lenders. 11,966 searches in a month when we are only just getting started is phenomenal and it is particularly good news that this is leading to more business enquiries for the lenders. It is a real reward for all the lenders that have taken the time to upload all their criteria so that it is all in one easily accessible place for the brokers.

“The fact that brokers are placing cases they never thought were possible is great for the broker but particularly good for their clients. It means that brokers can now offer an even better service while clients can now get a solution to their mortgage needs which they may not have been able to before. This can be crucial especially if someone is self employed or an older borrower as the top searches reveal. It also shows that business is out there and brokers are discovering new cases to be placed which can only be of benefit to all of the lenders displaying their criteria on Knowledge Bank”.
 

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