Unique support for the broker market
05 January 2010
As Halifax Intermediaries continues to support brokers in challenging times Ian Wilson, Head of Sales, asks why brokers would place their clients' cessating business anywhere else?
Bank base rate uncertainty is nothing new but with interest rates currently residing at historically low levels the debate over their short to mid-term future continues to make the advice process difficult. It has been suggested in some quarters that 2010 could see interest rates beginning to rise but in what portion of the year is still up for conjecture.
Despite these low rates - which have worked to aid existing customers in managing their finances better - it is vital for providers and brokers not to disregard individual customers' circumstances and their attitude to risk. Each customer has unique requirements and a different tipping point regarding current and future mortgage repayments. As such, a broker remains an integral component in ensuring this balance remains correct by assessing these needs and providing a product that helps them achieve their aims. It is also up to us, as providers, to supply the intermediary market with the necessary tools in which to help ensure these requirements are met.
In a challenging economic climate it is obvious that client retention is top of any intermediary firm's list of objectives. Halifax has supported brokers by continually offering a competitive retention range throughout the current market conditions where there's been a marked change in customer product transfer behaviour. Of all product transfers completed in 2009, where the customer was originally introduced by an Intermediary, 80% of these customers transferred to their new Halifax product via their Intermediary and this is not by chance. More and more brokers are realising just how simple the Halifax Product Transfer process is. This is especially evident when compared to the remortgage process due to increased paperwork, long waiting times and the real possibility of deals being declined due to lenders actively managing their funding constraints and risk profiles. Indeed recent statistics show that over 200 Halifax clients a day are transferring to a new deal with us, which further illustrates the need for both brokers and their clients to embrace this option rather than suffer seeing their valuable business being transferred to someone else who can facilitate it.
Transferring existing Halifax mortgage customers to another special rate deal with the Halifax involves no underwriting or credit scores and additional cross selling opportunities will result in future proofing income by helping brokers to ‘renew' their client with the Halifax. By building the foundations of a long standing relationship and protecting long term business values, brokers can feel secure in the knowledge that their existing, and new, business will continue to benefit.
That's why we offer brokers a full range of product transfer options including;
- Competitively priced fixed, variable, discount and additional lending products
- Diverse product range from low to high loan to value
- Favourable mortgage procuration fee
- High quality service offering
- No time consuming and unnecessary paperwork
- No legal fees
As time's a precious commodity in the modern mortgage market we've developed a quick and easy online process which ensures our product transfers take no time at all. They can even be secured three months in advance to help brokers and their clients stay ahead of the game. Retaining customers is a vital part of any business model and Halifax Intermediaries remain committed to the intermediary market to help guide brokers along the right path.
See our full product transfers range
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