We know that homeowners remortgage for a number of different reasons – to save money, find a more suitable deal, or release equity for home improvements.
And while it's sensible for them to review their mortgage as they reach the end of their current deal, many consumers have opted for the flexibility of their lender's SVR in recent years.
But with low mortgage rates, this could mean that millions of consumers are missing out on the opportunity to save money or pay their mortgage off early.
It's our belief that this presents a compelling market opportunity for you.
Welcome to our Remortgage Zone - designed to help you reach out to prospective customers and grow your remortgage business.
With the low Bank of England base rate, many consumers have opted for the flexibility of their lender's SVR in recent years rather than choose a new mortgage deal.
But with low mortgage rates, this does mean that many of these consumers are missing out on the opportunity to save money or pay off their mortgage early by remortgaging.
Remortgaging could significantly reduce clients' monthly repayments, giving them an unexpected pay rise to go towards other things – like a holiday or car upgrade, home improvements or saving for their children's future.
Or if your client is comfortable with their current monthly payment, why not show them just how savvy they could be by moving to a lower rate and shortening their term. They may be surprised at how much quicker they could be mortgage-free, and the interest payments they'd save as a result.
Revisiting your clients' current needs is a win-win for both of you. They get the reassurance you're looking out for what's in their best interest, along with potential savings, and you get more business.
Do they have the right level of cover?
Whilst you're reviewing remortgaging options, why not take the opportunity to offer clients a further review. Their protection needs may have changed since they took out their last mortgage and they may need help arranging income protection, critical illness cover and life insurance along with buildings and contents cover.
We've created a range of handy materials to help you discuss remortgaging with new and existing clients. We hope you find them useful.
For inspiration on ways to encourage homeowners to think about remortgaging.
Coming to the end of their current deal.
Get your house in order (PDF, 2.1MB).
Remortgage today. Stress free tomorrow (PDF, 2.9MB).
The customer facing items provided are for new and existing clients to read and keep. Please make sure you run them by your own compliance team to check they're happy before you use them. Plus check out the best practice guidelines we've created to help.
We have deals available up to 95% LTV – capital raising is available up to 90% LTV.
Fee saver product options available.
Discounts from across the Virgin Group for you, and your clients too when they become a Virgin Money customer. View our Virgin Group offers.
Dedicated Regional Service Teams who know your area well.
Offers to your customers within 10 working days of receiving a fully-packaged application, or we'll give them £100 (Please read the service conditions).
1 Please be aware that a physical valuation may not take place on all cases.
2 Flexible features are subject to Virgin Money's agreement and the terms and conditions of your client's mortgage.