TMA Club is calling on advisers who aren’t doing so already to start using digital tools that can help them keep on top of changes to their clients’ mortgage policies both during, and after, the Covid-19 outbreak.
This comes as data from CACI highlighted that there is a spike in product maturities worth £33.18bn expected in December 2020.
The same findings show that there are further fixed-rate maturities expected in 2021 worth £250bn overall, with spikes of £26bn, £26.5bn and £38.9bn due in April, June and October, respectively.
TMA argues that by using customer retention tools, advisers will be better able to reach out to clients, confirm whether they are coming to the end of a fixed-rate deal and reassess their financial situation. This will enable them to start proactively speaking with clients about their options and determine which solution would best suit customers’ specific circumstances.
Lisa Martin, development director at TMA, said: “CACI’s research shows just how important it is for advisers to be keeping in touch with clients. The next couple of weeks will be a crucial time for the thousands of borrowers who are set to be impacted by December’s spike in product maturities – and now is the perfect time for advisers to showcase their value. By utilising technology, brokers will be better able to get in touch with clients who are set to be affected, offer their support and expertise – particularly to those who are uncertain of what to do next – and inform them of the options available.
“Embracing technology will put advisers in good stead for the future, helping them retain clients and gear up for a post-coronavirus market. This is why it is in a broker’s best interest to have the digital tools to hand to better support them in their conversations with customers over the long-run.”