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‘A trusted broker-client relationship prevents loss of business to lenders’ – Star Letter 01/05/2020

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  • 01/05/2020
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Each week, Mortgage Solutions and its sister title Specialist Lending Solutions run a Star Letter feature, in which we collate the top comments posted under our articles.

 

The first was in response to the article: Brokers lose 60 per cent of clients to lenders at remortgage – exclusive 

Alykas236 said: “Surely this says a lot more about the original brokers. In 15 years, I have lost no more than 10 clients to lenders direct.  

We always contact the client in advance and crucially have a trusted relationship so even where a lender approaches them directly, as is becoming more common, they would still ask my advice and ultimately take the same deal through us as opposed to direct.”  

They added: “This is despite the direct route often being a lot simpler, in terms of time and process. 

 

Up against lender systems 

Adrian Seager replied to the same article: “This is much more than simply assuming the original brokers don’t contact existing clients.  

For those of us who have been around a while, we know lenders have systematically over the last five years or more, engineered their direct telephone call factfind to a point where the existing borrower only has to confirm basically, their name, address and the mortgage account number.

After that its basically, we cannot advise you but we offer XYZ product, what do you want to do?’ Eventually they channel that borrower into another deal. Its way easier than a client using a broker. 

 

Building a friendship 

Keeping in with the broker-client relationship theme came a comment under the article: Greater home working will bring flexibility to clients and brokers – Knight   

Andrew Forsey said: “The current climate has changed everything we do and has brought people closer together. The meaning of know your client is stronger than any corporate message.  

“I have been talking to clients in Pakistan and other parts of the world who have been struggling to get back to the UK but still want their mortgage arranged.

“The humble broker with client relationships has turned into a friendship. No bank or insurance company can compete with the personal touch.” 

 

Trusted advice 

The last comment was to the article: Brokers warn mortgage holidays should be ‘last resort’ for borrowers 

John Azopardi said: “I guess it depends on how close you are to your clients and whether they consult on a switch to interestonly.  

One would hope that there are sufficient warnings built into the interestonly system for clients to be made regularly aware by lenders that they are not paying off the debt. Let’s see how the current situation plays out.” 

 

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