www . simplybizmortgages . co . uk 9
Suggestions for retaining your customers
1 . Keep in touch with your customers :
Regularly contacting them , especially those who are nearing the end of their fixed-rate term , will keep you top of mind and help to build a relationship of trust . Many brokers now approach their customers 6 months in advance , and Kensington Mortgages will email you to let you know of any customers you have up for renewal , to help facilitate those conversations . You can reach out to your customers periodically or on the back of significant market news , to check on their mortgage status and inquire about any changes in their financial situation . The introduction of the government ’ s Mortgage Charter , which Kensington Mortgages is proud to be part of , provides a great reason to reach out to your customers as there are likely lots of questions about what the right decision is with their mortgage , and a brokers advice throughout this uncertainty will go a long way and may offer more business opportunities .
2 . Stay informed about market trends :
The mortgage market is constantly evolving , with interest rates , regulations , and lending criteria changing over time . By staying close to your lender partners , you can keep up to date with these changes and provide your customers with well-informed advice . You can use this opportunity to educate them about remortgage options and the potential benefits of remortgaging with a specialist lender , such as – did you know Kensington Mortgages can consider remortgaging for debt consolidation up to 90 % LTV ? Being close to your lender also provides you with insight and updates through data in a way that is convenient for you . At Kensington , our BDMs work with you to identify opportunities and our webinar series educates and informs on relevant topical subjects .
3 . Use technology to streamline the remortgage process :
Kensington Mortgages offers automated valuations for like-forlike remortgage cases , which can speed up the process for both you and your customers . We have a fully digital Product Transfer portal , which considering Consumer Duty regulation , helps you to feel confident that we can continue to support your customers throughout their mortgage lifetime . This process offers an efficient way to retain your customer and still earn commission , without going through a full remortgage .
4 . Understanding the offering from Specialist Lenders :
Specialist lenders like Kensington Mortgages can offer bespoke solutions for customers with variable income , credit blips , or those who have moved from PAYE to self-employment . By leveraging the expertise of specialist lenders , you can help those who may need a non-traditional mortgage solution . When we consider how the cost-of-living crisis has been a catalyst for many specialist drivers in the marketplace , it is likely that more customers than ever before may need a specialist solution .
... it is important for mortgage brokers to focus on retaining their existing customers and growing their remortgage business , especially as the current economic climate is not expected to return quickly ...
In conclusion , it is important for mortgage brokers to focus on retaining their existing customers and growing their remortgage business , especially as the current economic climate is not expected to return quickly to pre-Trussonomics figures . By understanding their customers ’ needs and circumstances , brokers can provide tailored solutions and support for remortgaging and product transfers . Although we continue to be faced with challenges in the mortgage market , with the right approach and support , mortgage brokers can thrive in the remortgage market , and build long-lasting relationships with their customers .
For further information about Kensington Mortgages , visit the website – kensingtonmortgages . co . uk for details of your reginal BDM , or contact the team on 0800 111 020 .
Sources : 1 . www . mpamag . com / uk / mortgage-industry / market-trends / is-the-remortgage-market-heatingup / 454633
2 . www . ukfinance . org . uk / system / files / 2022-12 / UK % 20 Finance % 20Mortgage % 20Market % 20Forecasts % 20 2023-2024 _ 0 . pdf
3 . www . mortgagefinancegazette . com / lending-news / more-remortgagers-choosing-to-stay-with-existinglender-uk-finance-18-04-2023 /
4 . 48 % of Brits made home improvements in lockdown – spending nearly £ 2k on average ! – Professional Builder ( probuildermag . co . uk )
5 . www . mortgagestrategy . co . uk / news / homeownerslooking-at-ways-to-consolidate-debt /
6 . www . stepchange . org / policy-and-research / personaldebt-statistics-in-the-uk / monthly-client-report-may-2023 . aspx #:~: text = Our % 20key % 20findings % 20from % 20 May % 202023 % 3A & text = The % 20StepChange % 20 debt % 20charity % 20website , and % 20May % 202023 % 20 ( 27 % 25 )