January is always a boon month for mortgages and remortgages, and 2022 is no exception.
The property market is still looking pretty buoyant as we head into this new year, with strong buyer demand and a predicted rebound in the number of homeowners getting ready to sell.
In more good news for brokers and advisors, £6.7bn worth of mortgages will mature in January, and there are plenty of deals to be had, including 10-year, 7-year and 5-year fixed term mortgages, with competitive loan-to-value (LTV) rates.
The chances are that general insurance renewals will coincide with your clients’ mortgage/remortgage requirements, and this year your clients will need and value your help with GI more than ever.
As well as being an important income for your business and a good retention tool, this year clients are facing a rise in premiums across the board as a result of the “hard” insurance market conditions and fair pricing kicking in.
The hard insurance market has pushed up prices with eye watering premium increases in some lines of insurance. There are fewer insurers offering terms and wordings have tightened up.
In addition to this the FCA has introduced the fair pricing rules in a bid to bring an end to the practice of ‘price walking’ where insurers offer cheaper premiums to new customers.
This is likely to mean less competitive quotes when seeking alternatives. Clients will need your support to navigate these changes and make sure they stay adequately protected in the areas they need cover.
When times are good it can be easy to let general insurance sales fall off your priority list. Don’t take your eye off GI, especially this year.
Use it as a chance to get the New Year off to a flying start in terms of both your income and your relationship with customers.
GI is, after all, another opportunity to keep in touch with clients throughout the mortgage lifecycle, retain relationships, differentiate service, and demonstrate the extra value you can deliver.
