Why you need to speak to your clients about how their circumstances have changed since COVID-19 – Part 2

Have your clients been affected by the COVID pandemic? Following on from last week’s post, we’re providing tips on essential lifestyle changes for you to share with your clients that could help improve their chances of a successful mortgage application.

Changing their goals

People have also been re-evaluating the way they live. The well-documented property boom which has probably been responsible for you working longer hours over recent months, is down to more than just a Stamp Duty holiday.

Years of uncertainty over the fallout of Brexit has affected people’s home buying decisions, which are now based on their needs, rather than the economic and political environment. This is creating sustained demand from home movers.

For people remaining in their existing property, many are releasing capital to carry out home improvements. According to a recent study by GoodMove, nearly half of households carried out some form of home improvement during lockdowns and 10% have built an extension.

Lifetime relationships

It’s important to remember that being able to help your clients now, presents more benefits to your business than short term fee income. By helping clients when they most need advice, you can build stronger longer-lasting client relationships and become their ‘go-to’ adviser, whenever their circumstances change or they need to refinance. You will also encourage more client referrals and could benefit from additional income streams by advising on other areas, such as protection.

Time to take action

There are many reasons why now is a great time to contact your clients, to review their situation and requirements. If they have experienced a change in circumstances, say employment or credit status, there is a good chance they might also fall outside the criteria of a high street mortgage lender.

Hope and reassurance

In times of uncertainty, an expert’s advice holds even more value, and whilst the signs for the future seem positive, some people are still experiencing a huge amount of change.

By taking a proactive approach and contacting your clients to discuss their circumstances, you can help to provide them with hope and reassurance. Particularly, if their financial or employment situation has changed due to COVID and they might have written off their chances of securing a new mortgage. By taking a proactive approach and working with a specialist lender like Bluestone Mortgages, you can help to open more doors for your clients and more opportunities for your business.

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Sources

Covid’s hidden impact on your credit credentials | Credit Conditions Survey – 2021 Q1 | How we live – into 2021 and beyond | UK monthly property transactions commentary | Nearly half of Brits made home improvements during lockdown