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Prepare now for an era of rising rates


The advice to start preparing now for rising interest rates might strike you as counter-intuitive, particularly as the prevailing wisdom is that we’re in for 12 more months of a 0.5% Bank of England base rate.

But trust me, it’s not as daft as it sounds. It might not be for another 18 months but the question is – what are you doing between now and the time rates finally rise?

If you haven’t already done so I urge you to review your mortgage book during this time.

You could even get a temporary worker in to load details onto a back office diary system or a spreadsheet, the most important detail being when clients’ current mortgage deals come to an end.

Many systems and providers can supply template letters, flyers and email bulletins you can populate with details to make contacting clients easier.

Indeed, a number of lenders and providers have worked with Sesame and PMS to produce such templates.

These are the sorts of things that always get pushed to the bottom of the list when business is rolling in, but now margins are being squeezed putting in place the infrastructure for regular reviews of clients’ deals is vital.

Contact clients before their lenders do to alert them that their mortgage is nearing its end. This will provide you not only with a chance to look at retention deals but also an opportunity to consider changes to clients’ protection and general insurance needs.


FSA must act in the interests of clients before it’s too late

The reason most of the best deals are only available direct is dual pricing by lenders and the deals they offer at 90% LTV that brokers can’t get at. I see a lot of first-time buyers who only have small deposits so I tell them to go direct to lenders as I can’t compete with […]

Who cares?

By Tracey Dickson, marketing consultant There are almost 7 million carers in the UK – that’s around 10 per cent of the population who provide unpaid care for a disabled, seriously ill or older loved one.1 But according to a report from the charity Carers UK, 20 per cent of people providing 50 hours or more of care […]


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