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th May 2021 10:01 am
Specialist lender Glenhawk has signed a deal with Knowledge Bank that will see its regulated and unregulated products available on the broker search criteria platform.
Knowledge Bank’s platform has over 125,000 individual criteria and lists products from over 250 lenders across the UK.
The lender says Knowledge Bank’s registered brokers will have access to its criteria, which covers residential, mixed commercial, second charge and refurbishment that “can be turned around in as quickly as five days”.
It adds: “With borrowers increasingly seeking alternative financing solutions to complete transactions before the end of the stamp duty holiday, the partnership will support Glenhawk’s loan book growth.”
Glenhawk has entered into a partnership with Knowledge Bank, making its regulated and unregulated products available on the criteria search database for intermediaries.
The lender’s products will be available to brokers registered with Knowledge Bank’s platform, which has more than 125,000 individual criteria, and lists products from upwards of 250 lenders across the UK.
Glenhawk’s criteria, includes residential, (mixed) commercial, second charge and refurbishment and can be turned around in five days.
Jamie Pritchard, director of sales at Glenhawk, said: “I know the power and opportunity that being part of Knowledge Bank provides for a lender, as we look to reach an even wider customer base with our regulated and unregulated bridging proposition.
Criteria search specialist Knowledge Bank has found that brokers are searching for applications that have a ‘soft footprint’, and will not leave a lasting mark on a client’s credit score, a trend it predicts may be reflected in completions in two or three months’ time.
In the residential market, ‘soft footprint at decision in principle (DIP) stage’ was the most searched term, showing the growing importance of a good credit record.
This follows the announcement in April that NatWest would no longer produce a hard footprint for agreements in principle (AIP).
As purchases in the housing market become more competitive, house offers, or even viewings, are most likely to be accepted from those with an agreement in principle AIP or DIP.
‘Capital raising for home improvements’ was fourth on the most searched terms’ list.
Knowledge Bank believes this is due homeowners looking to renovate, add an extension, or build an office in the garden, as a result of an extended period working from home.
Brokers were also searching for ‘Capital raising for debt consolidation’, which was noted at number five on the most searched for terms.
This suggests there are clients looking to secure unsecured debts against their homes, so as to bring all their debts into one place and take advantage of the lower interest rate.
In the residential market, as the Chancellor announced an extension to the job support scheme, ‘Furloughed workers’ was the most searched term for the third month in a row.
Interest in buy-to-let unwavering in 2021: Knowledge Bank
By Gary Adams 9
The term ‘first-time landlords’ was the most looked for criteria in February, says Knowledge Bank.
This also means that it featured in the top five searches for the tenth month in a row. The technology firm believes that people who would normally deploy their money into stocks could now be paying attention to the buy-to-let market.
Additionally, ‘first-time buyer’ hit the top five for the second month in a row.
Within BTL specifically, the second most searched for term was ‘lending to limited companies’ and the third, ‘requirement to be a homeowner.’