Criteria search system Knowledge Bank has partnered with Loan Warehouse to enable the comparison of first and second charge criteria using the master broker’s data.
Loans Warehouse has a number of second charge lenders on its panel, as mortgage brokers will be able to search updated criteria from 400 second charge loans via the partnership.
There will also be a facility to link through to Loans Warehouse if they need help packaging the case or gaining access to any lender.
Nicola Firth, chief executive of Knowledge Bank, said: “Loans Warehouse is a driving force in the second charge loan sector as is evident with providers such as Vida offering their new and exciting second charge loan range through them.
“With this partnership we are creating the ability for brokers to search for second charge loans based upon the unique criteria of their clients.
“We will also provide an easy access link through to Loans Warehouse for when brokers want more help regarding the second charge market.
“This offers brokers a simple, upfront way to ensure that they can always provide their client with best advice whether it’s on a first or second charge and provide the evidence that they have done so.”
Matt Tristram, co-founder and director of Loans Warehouse, said: “This partnership with Knowledge Bank will be revolutionary for brokers as, for the first time; they will be able to compare criteria for first and second charge loans side by side.
“If a second charge is the right option, we are also offering a helping hand to both package the case and provide easy access to the right lender for their client.
“Brokers are pretty fed up with taking several steps down the advice process only to find out that their client’s circumstances do not fit the lending criteria.
“That’s why we’re very pleased to create this partnership with Knowledge Bank which gives brokers the confidence of knowing, right at the outset, whether there is a criteria match.
“The market has had to endure this waste of time and effort for too long but upfront criteria searching via Knowledge Bank offers a simple and practical solution.”