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Prepare now for rate rises down the line

At a time when the eurozone crisis has created increased volatility, inflated costs and potentially no rate change for up to five years, the advice to start preparing for a rate rise now might appear counter-intuitive.


Bear with me – it’s not as daft as it sounds. It is vital to use this time to prepare. I cannot emphasise enough the benefits to be gained from reviewing mortgage books and highlighting when customers’ current mortgage deals end.

These administrative tasks get pushed to the bottom of the to-do list when business is rolling in thick and fast, but now margins are being squeezed, putting in place the infrastructure for regular reviews of your clients’ mortgage deals is all the more important.

Contacting your clients before the lender does to alert them that their mortgage is approaching the end of its term not only provides the chance to examine other deals in the market – such as long-term fixed rates, which could be particularly cost-effective – but also offers a valuable touchpoint to raise issues around changes to their other needs, such as protection and general insurance.

The eurozone crisis and the Olympics are likely to mean the summer will be relatively quiet in the mortgage market. However, this is no reason to rest on your laurels.

If you do not use this extra time to its full potential, someone else will.

Now is the time to integrate your systems to cope with new business when the market picks up, and to create possible new business streams for when times are slower.


Shine: How to survive and thrive at work

Here’s a tip. If Bono, the lead singer of U2, ever marches up to you and asks “who’s Elvis round here?” do not point him in the direction of the guy in the corner with the large quiff or the obese chap in finance who constantly munches burgers.

Abbey links proc fees to quality of business

Abbey for Intermediaries is to link its proc fees to quality of business, meaning networks will be paid a blanket fee based on the overall quality of their brokers’ business. From July 2, the quality of brokers’ business will be taken into account when assessing proc fees for its core residential range. Some fees for […]

Caption competition

Countrywide’s Nigel Stockton (right) in the shadow of former English rugby player Martin Bayfield at the AMI dinner last week.

A guide to auction finance in 2017

By Matt Tooth, chief commercial officer, LendInvest Over the coming weeks, property auction houses across the country will begin sending out their catalogues to prospective buyers in time for the first auction series of 2017. It’s an exciting time for investors, well aware of the opportunities the properties on the lot sheets offer them and […]


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