700,000 fixed rate mortgages maturing in 2021

700,000

fixed rate mortgages maturing in 2021.

Shaun Almond Managing Director

During the first half of the year, the stamp duty holiday has focused many adviser’s attention firmly on the purchase market. However, it’s important to not take your attention away from your existing clients. There is an even greater opportunity for remortgage business.

According to Legal and General Mortgage Club, there are 700,000 fixed rate mortgages due to mature in 2021, totalling £242billion and due to peak in the second half of the year.

The question now is, how are you communicating with your existing clients? It is no surprise that increasing your customer retention will boost your profits and help you to provide the best service to your clients. As we move through the year, it could be an important exercise to work out what percentage of clients that you retain.

If you’re customer retention rate is looking a little poor, there are a number of tactics that you can employ to improve your retention rate. 1.Regular client communication helps build your relationship

It’s important to keep in regular and consistent contact with your clients with high quality content. It can be years before your client’s mortgage or protection policy needs reviewing and you need to be able to maintain your client’s attention throughout. Signing up to HLPartnership’s monthly client e-newsletter can help you to do just that. The service is fully managed, personalised and branded to your business and the open rates exceed the industry average.

2.Check in points and catch ups

Integrate check ins and reviews as a part of your after sales service. It helps to build rapport with your client, understand changing circumstances and improves the level of service that you offer your client. All of which, result in increasing customer satisfaction and when applied on a consistent basis, improve your customer retention rates. If you haven’t done so already, check in with your existing clients to catch up.

3.Using your CRM effectively

As a member of the network, you enjoy the benefits that a mortgage specific CRM system provides. By inputting the correct data, you will have access to all the review dates and a campaign management system that you can use to contact them.

Remember, it can be more cost effective to retain existing clients than it is to attract new ones. Investing time and effort into your existing clients will reward you in the end.

“The question now is, how are you communicating with your existing clients?”

Meeting the challenge

By Polly Johal, Regional Key Account Manager, the West Brom for intermediaries

Applying for a mortgage can present different challenges depending on the needs of the customer, when placing a case with a lender. At the West Brom for intermediaries we are here to provide you and your clients with the necessary support. This support is underpinned by outstanding service, as recognised in the Financial Adviser Service Awards 2020 where we were proud to earn the highly coveted five star rating for the third year in a row.

Our key criteria

Outlined below are just a few examples of where we can accommodate customer requirements through our lending criteria and underwriting approach.

Supporting professionals:

• Applications based on a borrower moving employer within a professional occupation considered subject to employment reference. • Applications from borrowers entering their first employment within a professional field (for example doctors/teachers) will be considered subject to employment reference and first payslip. • Professionals policy – borrowers in first job and first contract considered e.g. nurse, teacher, vet, doctor. • Stipend and Bursary accept 100% of income – student nurses and PGCE.

Fixed Term Contracts:

• Subject to 12 months’ continuous fixed term contract employment within the same occupation. New fixed term contract replacing an employed position held in the same skill set, for instance a NHS worker moving trusts and have 6 months remaining.

Bank Nursing:

• Permitted subject to applicant receiving this income for a minimum of 12 months (50% of income can be used if this is a second job). Our full lending criteria is available on our website by visiting www.wbfi.co.uk We will continue developing our criteria and broker proposition throughout the year and very much look forward to working with you and your clients.

Registering with us

To register with us, simply visit our website at wbfi.co.uk or contact our Intermediary Sales and Support team on 0345 241 3597 or email us at ist@westbrom.co.uk