Smart strategies for mortgage retention
When a clients' mortgage deal is nearing renewal, it is a pivotal moment for their financial future and your ongoing relationship with them. In a competitive market which will see 1.8 million customers* coming off a fixed rate deal in 2025, brokers must be proactive not reactive when it comes to product transfers.
For the first half of 2025 we've seen almost 50% of all online product transfer applications be submitted by clients directly.
In this article, we'll talk through some key strategies to help you strengthen client relationships. These strategies can help ensure your clients stay with you long after their initial deal ends. You may be employing some of these currently but hopefully there will be some useful additions to add to your existing toolkit.
Maintain an active relationship with your clients
At The Co-operative Bank for Intermediaries you can submit a product transfer request up to 6 months prior to your clients deal ending. However mortgages in particular are long term financial commitments, so building long term relationships makes sense.
Don't just get in contact with clients at their renewal point. Maintain meaningful contact with customers through regular check-ins that add value. Take the opportunity to reach out to customers to complete an annual mortgage review, share information on property trends, or provide a market update to show your client you're still invested in your relationship with them.
Personalised communications don't have to be limited to product renewal reminders. Remembering key milestones like birthdays or the anniversary date of their house purchase, are simple and effective ways of engaging with clients. Make sure your clients know they can reach you easily and demonstrate that you're anticipating their needs.
Consider the communication channel
Staying in touch with customers doesn't have to be limited to a formal phone call. With WhatsApp, text and email all part of our daily lives, understanding the contact channel that suits your clients best will help to get the most from your interaction.
If you don't already have your own marketing materials, many mortgage clubs and networks will have templates for you to use and personalise. There are also tools such as Canva, which allow you to easily create branded marketing and social media post templates.
Don't underestimate social media!
Social media can be a very powerful tool when used effectively. It allows you to share success stories, use your expertise to educate others or build a community to help clients feel more connected.
Promote the benefits of your service
In a mortgage market where there still remains a significant number of customers due to come off a fixed rate deal with a rate far below what can be secured today, it can be tempting for customers to go on a comparison site and just look for the cheapest rate.
However we know that the most suitable mortgage advice doesn't just come down to the lowest rate. There are lots of other factors to consider such as overpayment options, portability, fees and customer service.
Make sure customers understand the value in using your mortgage advice service, that is personalised to them and takes into account all of their needs.
Our product transfer reminders
- We offer a 0.3% proc fee on product transfers
- Apply via our website
- We don't usually require a customer signature on pound for pound applications
- Please submit applications at least 30 working days in advance to allow enough time to process an application before the maturity date
- You can submit product switches up to six months before maturity, though we contact customers four months before maturity
- You can amend or cancel an application up to the 15th of the month before maturity.
*(source for quoted stat: Remortgage activity increases 34% in Q1 2025 as 1.8 million fixed-rate deals mature | Legal & General Group)