Why mortgage brokers are the best money saving tool

Mortgage broker posing with their hands covering the roof of a model home

For those of you who attended the Kicks Offs earlier this year, you might have heard David Fenton from TSB mention an article by The Financial Times that labelled mortgage brokers the best money saving tool. [1] In the current market, this is a great way to think of yourself when explaining to current and prospective customers why using yourselves is better than just going to the bank.

With 1.6 million people due to come off their fixed rate mortgage deals this year, there is plenty of appetite in the marker for mortgage advice. [2] With the tough market conditions after consecutive Bank of England base rate increases, many people in the UK are facing massive increases in their mortgage payments when they look to remortgage. For many, it is going to be a stressful and scary time which is why it is our responsibility to guide them through the process and make sure we find mortgage deals that suit their individual needs and put their best interests first.

“A good [broker] will find you the cheapest deal on the market; a great [broker] will help you strategise for the long term”
Claer Barrett FT

Mortgage broker shaking hands with a couple they have helped arrange a mortgage for

What makes a good mortgage broker?

At PRIMIS we want to go above and beyond for our customers. But what can you do to make sure you are a great mortgage broker, not just a good mortgage broker?

Clearly communicate any fees the customer will have to pay.
Make sure your customer is protected and explain the benefits of protection policies.
Continue to search for deals even after a new fixed rate has been agreed upon – be proactive in letting your customers know if a better deal has come up before they’ve completed.
Make your customers aware of your previous work- customer testimonials can go a long way in brokering trust with your clients.
Be honest with your customers – don’t just tell them what they want to hear. It is your job to manage your customer’ expectations around affordability. Your honesty and advice will be what garners trust in your customers, so that they come back to you time and time again.

In this tough market, you are ‘the best weapon’, that your customers have when facing remortgages or getting a mortgage for the first time. Whilst you already know the benefits you can provide your customers; this article could be useful to share with customers or on social media to help highlight the benefits of having a great mortgage broker.

Read here: https://www.ft.com/content/8d6fe926-5127-4626-ae5f-5aeaf89331dd

The best money saving tool for customers deserve to be a part of a network that supports their success. Click below to begin your journey with PRIMIS.