Not sure they're on the most suitable mortgage
Updated
How to improve your score:
Understand your client’s goals
To find the most suitable 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 most suitable mortgage for them.
- 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 most suitable 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.
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”
Go through the shortlist from the research tool with your client. If you’re not recommending the cheapest mortgage, explain why not and the specific benefits to your client of the mortgage you are recommending.
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”
Go through the shortlist from the research tool with your client. If you’re not recommending the cheapest mortgage, explain why not and the specific benefits to your client of the mortgage you are recommending.
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.
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 most suitable 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 most suitable mortgage for them before you close the meeting.
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 most suitable 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 most suitable 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, there will be no doubt in your client’s mind that this is the most suitable mortgage for their needs.
