Keeping in contact protects borrowers – and boosts broker income
In more than 25 years of owning property, and having taken four mortgages over that time, I could probably count on one hand the number of times that a broker has followed up with me after the deals have been done (and that may only involve several fingers). They don’t phone, they don’t write – it’s almost like my business doesn’t matter.
“Sadly that is normal,” said Richard Campo (pictured left), mortgage broker and head of growth at Heron Financial. “It’s something I have advocated for years - speaking at least annually - mainly as it is unusual for a mortgage broker to do that, but the bottom line is you increase your retention and it’s a great time to ask for referrals, as no-one else will speak to you this regularly.”
Campo understands the importance of maintaining ongoing contact with clients to review if their circumstances have changed, and whether their mortgage still suits their needs – particularly at a time when interest rates are quadruple what they were just three years ago, he points out. “The terms of the loan aren’t written in stone, you could and should be reviewing this with your clients at the bare minimum when the product comes to an end, if not sooner,” Campo said. “This is an opportunity to check in to see if all is OK, is any further borrowing required? Are the protection requirements up to date? Has their situation changed such as having a child, changing jobs or looking to move? By speaking once a year and not just once every two or even five years, you build a stronger relationship with your client and can even manage future issues before they become one.”
These are also opportunities to actively encourage clients to look at retrofitting their homes, Campo suggests. “As energy bills are typically the second largest outgoings clients face now, it helps them, and helps the environment, so it’s a real win-win,” he said. “As a certified B Corp firm we take our role on helping clients with their finances and their impact on the environment very seriously. As lenders are ever more factoring in your property’s EPC in their affordability models, it is a timely education opportunity which can have long term positive impacts by reducing their costs and both their energy bills and potentially the mortgage.”
Broker Katrina Horstead (pictured centre), co-founder and director of Versed, believes regular catch-ups with clients have never been so pressing. “In today’s ever changing economic climate, with interest rate fluctuations and inflationary pressures, it’s never been more important for brokers to maintain regular contact with their clients,” Horstead told Mortgage Introducer. “Financial situations can change quickly, and what was the right solution 12 or 24 months ago may no longer be suitable. Timed regular reviews can help clients adapt their mortgage strategy to suit their current needs, whether that’s to reduce costs, manage debt more effectively, or even take advantage of better rates. As part of our ongoing advice process, we strongly encourage regular reviews and proactive financial planning. We always reinforce to our clients that a mortgage term isn’t something that has to remain static. Life changes, and so should the mortgage whether that means overpaying, reducing the term, or refinancing when circumstances improve.”
While regular reviews are central to good client outcomes, suggests Horstead, they are also key to sustainable business growth. “From a business perspective, regular client reviews aren’t just good service, they make strong commercial sense,” she reasoned. “They strengthen relationships, build long-term trust, and often highlight new advice needs, whether it’s refinancing, protection, or even future property purchases. Clients who feel supported and well informed are far more likely to return, refer others, and view their broker as a trusted, ongoing financial partner - not just a one-time transaction.”
Read more: Are seven times LTI mortgages a stretch too far?
Regular reviews with clients can boost broker income
Ajar Nayyar (pictured right), owner and managing director of Hearthstone Mortgages concurs that regular reviews make good business sense. “From a business perspective, regular reviews naturally boost income,” Nayyar noted. “However, it is not about pushing products. It is about protecting the client’s financial wellbeing and making sure their plans stay aligned with the current economic reality. Often, needs and opportunities arise during these conversations that clients may not even realise they have. Whether it is refinancing, restructuring debt, or accessing equity for future investments, proactive reviews bring real benefits.
“In this market, regular client reviews are not just important - they are essential. Financial circumstances are changing quickly. If advisers are not checking in proactively, they are leaving their clients exposed and missing opportunities to genuinely add value.” He added: “It also strengthens loyalty massively. In a world where clients can easily move elsewhere, being the adviser who checks in regularly makes you the adviser they trust, stay with, and recommend to others.”
