Knowledge Bank has launched two new search options that allow brokers to establish which lenders offer product flexibility after an offer has been made.     

The criteria search engine says intermediaries will now be able to search for ‘change of product – rates reduced after mortgage offer’ that will show which lenders allow clients to switch to a more cost-effective rate post offer, but before completion.    

Brokers can now also search the system under the ‘product transfer change of rate’ tab, which allows users to see if lenders will permit a change of rate for product transfer after selection, but prior to completion.   

The business says it introduced the options “in response to changing market conditions”, that saw chancellor Jeremy Hunt calm international debt markets in October, by largely reversing former chancellor Kwasi Kwarteng’s tax-cutting mini-budget on 23 September, which saw the number of products on the market fall sharply while remaining loan prices jumped. The new chancellor’s measures were further consolidated in the November Autumn Statement.     

Knowledge Bank founder and chief executive Nicola Firth says: “Having been a broker myself I know how frustrating it is to work in an unsettled climate with an increased frequency of rate changes.    

“We find ourselves in a turbulent market with rates changing frequently and it’s impossible to be confident that the rates secured today are going to be the most cost effective in weeks to come.     

“I saw a social media post by Lea Karasavvas of Prolific Mortgage Finance requesting clarity from lenders on a borrowers’ ability to swap to a lower fixed rate product post offer, should any be launched prior to completion and immediately thought that this is something that we could help with.    

“As a result, we’ve added these two new search categories to help advisers manage expectations of clients further and clarify the options should rates reduce during the application process”   

Earlier this week, the firm brought back its popular ‘Twelve days of Christmas’ giveaway for the fifth year running.     

The campaign will run for 12 working days from 1 to 16 December, with prizes — including private skiing lessons, two £150 Harrods vouchers and a pair of Apple AirPods — sponsored by a host of organisations, including Mortgage Strategy.