Clients Confident They're On The Most Suitable Mortgage For Them

Updated 5 months ago by VouchedFor Team

Clients Confident They're On The Most Suitable Mortgage For Them is a Driver of Safeguard Goal 3: Safeguarding clients’ best interests, mitigating risk

Data based on responses to the following question, asked in the Verified review form

"How confident are you that you’re on the most suitable mortgage for you?"

Possible responses

Not sure
Quite confident
Confident
Couldn't be more confident

Clients Confident They're On The Most Suitable Mortgage For Them Score

Proportion of respondents answering “Confident” or “Couldn’t be more confident”

Distribution of Responses to Clients Confident They're On The Most Suitable Mortgage For Them

Why do we ask about Clients Confident They're On The Most Suitable Mortgage For Them

Clients’ confidence that they are on the most suitable mortgage for them was a key theme relating to risk arising from our conversations with consumers.

How to improve your score:

Understand your client’s goals

To find the best mortgage for your client, you need to understand:
- Their present situation
- Their preferences
- What they’re trying to achieve (present and future goals)
- Anything that may change in the future

If you don’t have a detailed understanding of your client, it’s impossible to find the best mortgage for them.

Ask if they have any ideas

Most clients will have an idea of what they want before they engage with you.

What they initially want could be completely inappropriate for their needs, however it’s important to understand why they were drawn to this option.

Asking for your client’s thoughts makes them feel important and validated.

If you never ask your client about their ideas, they may not volunteer them and leave wondering if their idea would have been better than your recommendation.

Involve your client

When it’s time to source the mortgage, show and explain to your client the filters you’re using and why.

Relate the filters to their goals:
- “We’re filtering out fixed rates where you can’t make overpayments as you wanted to be able to pay lumps off your mortgage using John’s quarterly bonus”
- “We’re only looking for mortgage you can port, as you think you may move again within the next 3 years when you have a second child”

Recap

When you’ve selected a mortgage, recap how you got to that point.

Start with how many mortgages were available and how many you filtered out to find the perfect one for your client:
- “We started with 350 available mortgages and then by filtering out X because of Y, we got down to 20. From these we chose Z because…..”

Remember to link the reasons for the selected mortgage to your client’s goals.

Validate

Ask your client if they’re happy this is the best mortgage for them. You can gauge their reaction to see if they have any doubts and, if they have, ask what’s making them unsure.

Whilst it can mean going back over concepts or re-searching, it’s better to ensure the client is 100% happy that this is the best mortgage for them before you close the meeting.

By fully understanding your client’s situation and goals, you can reference the filters and criteria used to select the best mortgage to suit their needs. Including their ideas and involving them in the filtering stage will make them feel part of the selection process. By recapping and validating, they’ll be no doubt in your client’s mind that this is the best mortgage for their needs.