You are here: Home - Better Business - Business Skills -

How to solve the mortgage market’s big problem – Personal Touch

by: Dave Edwards, commercial director at Personal Touch
  • 04/07/2017
  • 0
How to solve the mortgage market’s big problem – Personal Touch
Right at this moment the mortgage market has a big problem on its hands: inertia. We are faced with thousands of apathetic borrowers.

Latest studies clearly show that too many borrowers are languishing on their lender’s SVR because they see it as an easier option to remortgaging and as a result many are wasting thousands of pounds.

Of course, remortgaging is a big part of a broker’s business so while sticking on standard variable rates (SVRs) for ease is bad for borrowers, it can also have an impact on brokers.

So what can be done to change things?


No room for complacency

Don’t assume a client will just come back to you when they’re ready. It’s essential that brokers are proactive when it comes to retaining clients and minimising loss revenues.


Look at industry trends and market data to get an idea of when customers may be looking for help

For example, you have probably recognised that a spike in re-mortgages is on the horizon this autumn.

You should be pencilling September and October in your diary to make those phone calls.


Prove your worth

At present wages are still low while inflation has risen. Everybody is feeling the pinch.

Your client may be sticking with an SVR because it’s the easiest option but if you highlight how you could save them some much needed cash they’re sure to be interested.


Don’t fall into the trap of thinking new clients are more important

Existing clients are crucial to your business. For one client lost, advisers have to secure two new clients to see growth. Don’t let your existing clients fall by the wayside.


Make use of technology

Use CRM data available to you. This helps advisers to identify fixed product end dates and mortgages on SVR easily and quickly, meaning you can see which clients should be contacted without having to trawl through old files.


Engage with your clients

Think of all of their needs, not their just mortgage. Just because they might not be ready for a remortgage or, indeed, they might be happy on their lender’s SVR because it’s a good deal, does not mean there is nothing you can do to help them.


Networks – and brokers – have a duty of care to clients to shop around the market as opposed to just allowing customers to stay on an SVR or product transfer because it’s the easiest option.

We must not lose sight of that responsibility. In a world where differentiation can be challenging against competition, client-focussed thinking is the way advisers will stand out.

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.

Read previous post:
Stuart Wilson More 2 Life
Ask the expert: How do you deal with a potentially vulnerable client? Stuart Wilson, more 2 life

Q. I feel uncertain about how I should assess mental capacity when I’m speaking to a potentially vulnerable client.