April was likely a busy time of year for your business, as thousands of borrowers came to the end of their fixed rate mortgage deal. They had two options: either remortgage or switch onto their lender’s standard variable rate (SVR). While Easter is usually a quieter time, activity will start ramping up again as we move into summer – and advisers need to secure the best deals for these clients while generating new business at the same time. So, let’s take a look at how Smartr365 can help you during peak remortgage seasons.
£22.3 billion worth of fixed rate deals will come to an end this month – nearly double the amount from March. You’ve probably already reached out to your clients to alert them that they are coming to the end of their fixed rate term – but are you sure every client is ready to switch on time? After all, it’s hard to keep an eye on every single customer case while searching for new business at the same time.
The cost of staying put
Switching onto a lender’s SVR can come at a high cost for borrowers – but many could be unaware that they are coming to the end of their term or don’t understand the benefits of remortgaging. A survey by Which? last year revealed that 25% of borrowers are still on their lender’s SVR rate. Remortgaging can save your clients thousands of pounds each year – the equivalent of a pay rise or a family holiday.
So how can Smartr365 help?
We provide a number of automated notifications – including remortgage reminders – to ensure you can stay on top of your remortgage book. Our dashboard shows all of your clients and their property portfolios in one place, as well as their property values, mortgage balances and equity positions, all updated in real time. Our unique MortgageKanban workflow tool also helps you see all your clients and progress at a glance – in a clear visual manner. You can let our Smartr365 technology do all the hard work, so that you don’t have to.
Every conversation counts
Current market trends are seeing borrowers opting for longer fixed-rate deals. The popular two-year fix is now being replaced by three, five- and ten-year fixes instead. While this creates certainty of fixed monthly payments for your client, it also means that remortgage conversations are less frequent. It’s therefore vital that you make sure every conversation counts.
Smartr365 can help here by ensuring these conversations – and the whole experience for your client – run as smoothly as possible. This is essential, since a positive experience equals a positive customer outcome. Customers expect the remortgage process to be as frictionless and digital as the other areas of their lives. And if this can be done in a frictionless way, chances are you will have a happy client that will come back to you time and time again.
By digitising and automating key parts of the remortgage process, Smartr365 can reduce your admin times from 10 hours into one. And with our automated triggers, we can transform your mortgage business by increasing retention rates from 30% to 85%.
Everyone knows that client retention is vital. Just like remortgaging, that’s a total no brainer. You therefore need to have a solution that can support your business through its busiest times. Designed for advisers, by advisers, Smartr365 exists to make your life easier. We want to help you juggle new and existing clients, turn one-time customers into clients for life, and ultimately expand your business.
If you are interested in finding out more about how Smartr365 could work for your business, please get in touch and book a free trial demo here.