TMA Club has warned mortgage advisors that there is likely to be a major spike in maturities for fixed-rate mortgages next month, and it is encouraging them to use tech tools to cope with it.
Figures released by CACI show that a rise in maturities for fixed-rate products is anticipated during December and will add up to £33.18 billion. These same figures also suggest that next year will see fixed-rate maturities spikes totalling £250 billion, with April set to bring a spike worth £26 billion, June a £26.5 billion spike and October one of £38.9 billion.
Now, TMA Club wants advisors to deploy digital solutions to stay on top of these for their clients, stating that online tools for customer retention will enable advisors to contact clients more easily and get clarification about whether their fixed-rate mortgages are nearing the end. They will be able to determine clients’ financial positions and work out the best way forward.
TMA Development Director Lisa Martin told Mortgage Introducer that research conducted by CACI had shown the importance of regular contact between advisors and clients, adding:
“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 advisors to showcase their value.”
Getting to grips with technology that can help them stay in contact with clients is essential for any advisor once they have finished a CeMAP course, especially due to COVID-19.
