Intermediaries need to work hard to win price war

With a reducing mortgage market and the Mortgage Market Review promising to strangle the market even further, intermediaries like me have to think outside the box to keep in business.

Should discussions with clients mean that no mortgage replacement is possible, I usually ask whether I can sort out their buildings and contents insurance to make my visit worthwhile.

But even this is becoming challenging. A recent incident in which I was replacing a client’s insurance led to a price war with their current supplier.

I was able to price-match the new premium they were quoted. But the supplier came back with a further reduction, saving the client just under £100.

But I lost the war and am now even more aware that as intermediaries, we have to work even harder to secure any insurance business.

Adrian Cox Mortgage consultant KENSA Financial Solutions