In an ideal world, there would not be any pressing time deadlines when it comes to completing a remortgage case. I know that many brokers contact their clients around four months before their rate is due to end, and aim to get an application in for the remortgage around three months before that maturity date. But there will always be occasions when brokers face a more testing timetable, such as clients who aren’t that prompt in recognising the need to remortgage, or when you bring in a new client whose deal is due to expire shortly.
It’s because of those cases, where time really is of the essence, that we developed our Rapid Remortgage service, which is designed to turn around cases much quicker than the average 8-10 weeks. We have seen some brilliantly quick cases too – in one case a full completion going through in just four days.
But what’s been just as heartening has been the feedback from the brokers making use of the Rapid Remortgage service.
A good example is Affinity Mortgages, an adviser based in Southend, Essex. Simon Jones, a senior mortgage broker at the firm, has had two cases go through using the service recently which he suggested would not have completed on time otherwise. He added that the whole experience has been a useful reminder of the importance of working with the right partners, especially when it’s brokers who get the credit!
It’s good to talk
A key aspect in getting remortgage cases quickly, and working effectively generally with advisers, is communication. At eConveyancer we’ve worked hard to ensure that brokers can take comfort from the support network in place, contacts within the panel who can help progress a case if and when issues arise.
As all brokers will know, that isn’t always the case; every broker will have had cases where there has been no-one around to help answer questions or provide updates. These don’t just lead to frustrations for clients and advisers alike, as brokers wait for news; at their worst, these delays can mean the case collapses entirely.
Having that safety net in place, knowing that there is someone at the panel management firm who can take ownership and work with the lead solicitor to ensure things get moving, should provide real peace of mind. It’s not a service brokers need to use with every case, but it’s something that may be missed if it’s not there and a case is plodding along.
The clock is ticking
When time is of the essence for a client, a product transfer may seem even more attractive. After all, there isn’t going to be another underwrite of the loan, while the fact that lenders are now rightly paying brokers for the work that goes into a product transfer has also boosted their popularity.
But the reality is that while transfers can be quick, not all lenders offer competitive rates to existing clients. Working with the right conveyancing partner means that you can find your client a better deal and complete it within a similar timeframe to a product transfer.
Getting the credit
When a remortgage case completes quickly, generally the client gives the broker all of the credit, even though from a practical perspective it’s the conveyancer handling the legal work.
This is understandable though; after all, the client is employing advisers to help get their case over the line, and if it doesn’t happen, then the buck stops with them. That’s why it’s so important for brokers to have trust in the partner businesses they work with, whether that’s conveyancers, protection providers or whoever. Brokers have to think carefully about how those partner firms will treat their clients, and how that matches up with their own levels of service.
If those partners live up to their – and more importantly, the client’s – expectations, then the positive experience the client enjoys means they are more likely to come back to use you again for their future remortgage needs, and even other financial areas where they need some advice. When those expectations aren’t met, and the client has a poor experience, it makes it all the harder to retain the client, no matter how hard the broker may have worked on securing a competitive interest rate on the mortgage.
Karen Rodrigues is sales director at eConveyancer