I was staggered to read research from Paragon Mortgages last month showing that only one-third of remortgages were being arranged through brokers.
When I shared this statistic with my chairman, he said: “What an opportunity you have got as your market share can go only one way.”
So why are so few remortgages happening via brokers? Are lenders getting better at retention and offering deals earlier in the process? Do clients feel a broker’s role is just to find them a lender and not manage the mortgage throughout the term? Have price comparison websites made it easier for clients to do the job themselves or is it fear of moving lenders with the new MMR rules and jeopardising what they have?
If ever we needed a reminder to work smarter, this is it. We must stay close to our clients throughout their mortgage term to keep up to date with their needs and we must start the remortgage process earlier to beat the competition.
Now is the time to invest in a good customer relationship management system and manage your clients effectively to swing this statistic back in our favour. The fightback starts now.