Product transfers – friend or foe?
Did you know many High Street lenders are now directly approaching clients 4 months before the end of their first charge term?
In many of these situations clients are offered a waiver of their Early Redemption Charges, and the lender simply transfers the product and puts them onto a 5-year fixed rate term.
Easy for the client and a win for the lender, but not necessarily the best deal for the client, or in their best interests – and all of this puts you out in the cold when you approach them a month later and it’s already too late.
So, what can you do to address all of your client’s needs, beat the lender – and retain your business?
- Make sure you speak to your client before the lender, so you can see if the product transfer is the best option.
- Before you decide that a product transfer is the best option for your client, it is so important you consider whether your client will require additional funds first, because if your client does go ahead with the product transfer, it will restrict them from raising additional funds.
So, what’s stopping you from keeping your customers and meeting their full financial needs?
For more information, drop us a line to discuss your clients’ needs or give us a call today on 020 8731 5333.
