Broker experience: The personal touch on product switches

Jonathan Kelly is a financial adviser at PK Financial Limited in Croydon. He recently helped a client to arrange a product switch on 10 Aldermore mortgages.

The landlord client has a large portfolio and holds over 20 mortgages with Aldermore – 10 of which are on rates set to mature in June 2023.

Jonathan explained: “We were obviously concerned about the impact of rate rises on his monthly repayments, so I got in touch with Aldermore to discuss his options.

“We already knew they had competitive product transfer products available, and I had checked them against what was available across the market. The client preferred to remain with Aldermore and my research showed it wasn’t worth him switching elsewhere.”

Jonathan would normally book a product transfer online using Aldermore’s three-step product switch feature, but he wanted to check a few details first, so phoned the team for some more information.

“I wanted to check what would happen if rates were to fall between us booking in the rates and the mortgages renewing,” he said. “Rates are currently so turbulent and a rate fall would make a significant difference to my client across 10 products.

“I spoke to Harvey and later Richard, who both assured me that my client could secure the current rates now and, if they were to fall further before the renewal date, he could still switch to the cheaper deals.”

“They were both really helpful and professional and gave me great follow-up care over the phone. They kept in close contact, emailed all the details of the product switch rates and terms for me to go through with my client.

“I deal with a lot of banks and building societies and you’d be surprised how difficult it can sometimes be to get precise answers to your questions.”

Green light

Jonathan and his client sat down and went through all the details of the 10 new products and agreed to proceed.

“In this case, I simply returned the client’s signed documents to Harvey by email. He completed the switches for me, and replied shortly after to confirm.” said Jonathan.

“I’ll keep an eye on rates before the June renewal date to see if my client can potentially save money with a different Aldermore product.

“Because of interest rate movements, he will be paying more each month on the new rates, which is why it’s important to look for opportunities to save money if rates tick down.

“This particular client is a very busy guy and, although he wants competitive mortgage rates, he prioritises service. He wants to be able to trust that everything will go through smoothly and without hassle. His experience with Aldermore over the years gives him that reassurance, so he wants to stick with them.

“Whether I’ve done a product switch online or manually over the phone with Aldermore, the process is always painless and seamless, with them answering my questions thoroughly. All credit to the team for being so helpful.”

*Interview conducted April 2023

Simple switching

At Aldermore, we make switching simple. If you’re looking to switch an existing residential client or individual buy to let clients, log in to our 6 step self-serve online residential portal (for intermediary use).

To switch your Company buy to let clients and individuals who originated through our commercial mortgages broker portal, get in touch with our product switch team on 0333 321 1000.

FOR INTERMEDIARY USE ONLY

For adviser use only. Please note this content has been supplied by our lender partner and as such, is their responsibility. No party shall have any right of action against Legal & General in relation to the accuracy or completeness of the information in this article.