29 January 2024

Tips for brokers ahead of a wave of maturing mortgages in 2024

By Ben Williams, Corporate Account Manager at Coventry for intermediaries

According to industry data, almost £243bn of fixed rate mortgages are set to mature in 2024[i]. April and October are expected to be the busiest months of remortgaging activity, with around £29bn worth of fixed rate products due for renewal in each of these months[ii].

The economic landscape has shifted massively since many of these mortgages were initially taken out. Despite falling recently, interest rates are still considerably higher than previous years, and a broader cost of living crisis is continuing to put extra pressure on homeowners.

It’s vital that clients feel heard and supported by their broker this year as they grapple with the decision to product transfer or switch lenders. Here are some tips to reach those homeowners in need.

Stay active online

Your social media accounts are not just nice to have, they may be indispensable for growing your brand and generating leads.

The likes of Instagram and TikTok offer you the chance to be a storyteller, market guru, and go-to news source around the clock, demonstrating your value in a way that is indirect and not overly promotional.

It’s important to remember that many clients go to social media to escape worries about their finances and mortgage, so keep your content light and upbeat. At the end of the day, driving engagement is the priority here, so be sure to show your enthusiasm when replying to messages.

If your diary is full and finding the time to post consistently is difficult, seek out ready-made content templates provided by your mortgage club and utilise automated scheduling tools.

Be a good teacher

There are many young people who have never been at these crossroads before, so be straightforward about the trade-offs between different deals and break down complex terminology into understandable language. You want to be known as that local expert who clients can turn to over a cup of coffee; professional, yet warm and approachable.

Additionally, if you’re able to respond quickly to client inquiries about remortgaging decisions, that could also position you for success, as research shows that many homeowners leave remortgaging until the last minute!

Provide added value

Top-performing brokers understand that advice around remortgaging shouldn’t be provided in isolation; remortgaging is just one step in the client’s homeownership journey, and discussions around it can easily be broadened out to future housing goals and moving up the property ladder.

One effective way to widen the scope of services includes offering an annual financial health check. This allows brokers to address immediate mortgage-related issues, such as making early repayments and how the client’s current deal is working for them, and it also provides an opportunity to introduce a raft of other financial products tailored to the client’s evolving needs.

Foster long-term relationships

The underlying mantra is to focus on building long-term relationships with clients.

The mortgage market is not merely about transactions; it’s about guiding people through significant milestones in their lives. By going above and beyond, brokers can build a loyal client base that not only returns for their own future needs but also refers others to their services.

[i] CACI Mortgage Market Database (at Oct 2023)

[ii] CACI Mortgage Market Database (at Oct 2023)

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.