This week’s first comment was a response to the article: Without BDMs, it is difficult to make ‘out-of-policy’ cases fit – Marketwatch
Andrew Ducksbury said: “Before regulation, business development managers (BDMs) were the lender’s sales force.
“They had targets, appointment targets and were pushed onto the broker community by lenders – since regulation you don’t need BDMs.
Ducksbury added: “If, as a broker, you are any good, you don’t need to be sold to in order to use a lender. You use the lender because for they are the best available for the customer you’re dealing with.
“I’ve not allowed BDMs to make appointments with me at my office for years.”
Benefits of advice
Robert Drury responded to the article: Product transfers: Benefit to the customer or the lender?
He said: “We contact all our clients three to four months before the maturity of their current deal, and while some clients do go direct to the lender due to the ease of the process nowadays, many also come back to talk to us.
“The loan to value (LTV) is only one area for discussion – do clients want to borrow more? Borrow less? Decrease the term?”
Drury added: “Even if my advice is to stay with the existing lender, our clients really appreciate that time spent discussing their biggest financial commitment.
“Two hours every two to five years seems to be time well spent with our clients and many of them allow me to make the product transfer for them, on their behalf, as we cement our relationship with the client for the next time they look to review their mortgage.”
