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Should advisors concentrate on remortgaging?

The FCA recently issued figures showing that 370,000 people with mortgages could potentially be saving cash by changing their loans, which represents a big remortgage market for advisors to tap into. So how should they go about making the most of it?

First, recognise that there are two parts to the remortgage market: that group of 370,000 who should be doing so but are unaware of how they could benefit from it, and those eager to remortgage their properties now. Reaching the second of these will involve advisors making it clear that remortgaging guidance is part of their overall offer.

The second group represent a more challenging proposition. Advisors with CeMAP training can start by looking at their existing rosters of clients to see if there are any who would be able to reduce mortgage payments by changing their loans. Approaching clients from the perspective of potential savings will be the best way of raising the issue.

Firstly, because it is something every mortgage holder is concerned about thanks to rate rises and secondly because the natural inclination of most is still to stick with what they have, being able to clarify just how much they could save by taking the plunge should persuade many that it is worth it.

Outside of existing clients, advisors need to promote the advantages that remortgaging can offer on their business websites and social media channels. A lot of people are concerned about money right now, so highlighting the possible savings should bring new clients seeking to remortgage their homes.

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