A broker arranged a mortgage for a young couple five years ago. The fixed rate is about to end. The couple receive a letter from their lender offering a product transfer. They also see adverts from online brokers. They vaguely remember their original broker but cannot find the contact details. They accept the lender's offer without comparing.
Remortgage time is when brokers most often lose clients they already had.
Why clients drift
Five years is a long time. Clients change jobs, move house and forget who arranged their mortgage. Lenders contact them directly with offers. Online brokers advertise constantly. Unless the original broker reaches out early, the client may simply take the easiest option.
What remortgage clients ask
Clients approaching the end of a fixed rate usually want to know when they should start looking, what their options are, whether they can stay with their lender or should switch, what the broker charges for a remortgage, what documents they need and how long it takes.
Early reminders
The most effective step is a reminder several months before the fixed rate ends, explaining that the broker can review options. Many opticians and other appointment-based businesses rely on reminders in the same way, as described in AI receptionist for opticians.
Easy ways to ask
When a client receives a reminder, they often have a quick question before they are ready to talk. Letting them ask on the website, at any hour, keeps the conversation going.
SpideyChat for mortgage brokers answers questions about remortgaging, fees and process from your own pages at any hour and captures the client's details for a broker. It does not give mortgage advice.
Client: My fixed rate ends in four months. Can you help me remortgage? Assistant: The remortgage page explains how the broker reviews options for clients whose fixed rates are ending, and what the broker charges. So a broker can get in touch, could you share your name, when your rate ends and the best way to reach you?
Fees for remortgages
Clients often ask whether a remortgage costs the same as a first mortgage. Clear fee information helps, as it does for any professional service, a point made in fee questions that decide which firm gets the client.
First-time buyers become remortgage clients
Every first-time buyer is a future remortgage client. How the broker handles the first enquiry sets up the relationship, as described in mortgage enquiries that arrive after a house viewing.
Moving home at the same time
Some remortgage clients are also moving or borrowing more for home improvements. Capturing whether the client plans to move, extend or release equity lets the broker prepare the right conversation. These clients often need more help, and are more likely to value a broker who already knows their history.
Product transfers and switching
Clients often ask whether they should simply take their lender's offer. The broker can explain, in general terms, that comparing options is usually worthwhile, and then look at the client's situation properly. The website should never suggest which option is right for an individual.
Referrals from past clients
Clients who remortgage with the same broker are often the most likely to recommend them. Recruitment agencies see a similar loyalty effect with returning clients, as described in AI receptionist for recruitment agencies.
A remortgage page and reminder routine
Write a clear remortgage page, set up reminders well before fixed rates end and let clients ask questions at any hour. Try SpideyChat on your own site, or read about capture on the features page.