The 2024 mortgage market will have a huge focus on remortgaging. A recent report from Barclays, titled "Market Maturity and Re-Mortgage Opportunities," released in December 2023, sheds light on this. It reveals a significant rise in mortgages that are about to mature, particularly in areas like London, the South East, and the East of England. These regions are becoming hotspots for remortgaging, creating a ripe environment for brokers.
The report highlights over £107.3 billion in residential and £18.1 billion in buy-to-let mortgages set to mature in early 2024. Regions such as London, the South East, and the East of England are hotspots for remortgage activities, providing fertile ground for brokers.
This increase means more homeowners and investors need advice on remortgaging. Brokers, with their deep understanding of the mortgage world, are in a prime position to guide them. Their expertise is not just about finding the right mortgage deals but also about helping clients through the complex remortgaging process with empathy and insight.
To make the most of these opportunities, brokers should focus on several key strategies:
Regional Market Analysis: Understand the unique needs and trends of different areas. Targeted marketing and segmenting your audiences by regions can be highly effective.
Educational Initiatives: Host workshops and create content about remortgaging. This could cover its benefits, the process, and current market trends.
Digital Engagement: Improve your online presence with a focus on remortgaging. Update your website, enhance your SEO, and use social media to talk about remortgaging and the value of good advice. Make sure you're visible online to those considering remortgaging.
Enhanced Client Contact: Keep in touch with clients regularly. Send informative newsletters and make personalised check-ins. This helps build trust and lets clients know they are valued and well-informed.
Get Remortgage Ready: You could promote a 'Remortgage Ready' campaign in the form of digital content, workshops and webinars to help consumers prepare to remortgage in 2024. However, you will have to act quickly to avoid missing out on the opportunity.
Local PR & Education: Consider local PR such as news articles or community bulletins emphasising the sheer number of maturing mortgages in 2024 and how you can assist.
The first half of 2024 is crucial for mortgage brokers. By employing these strategies, including strong client communication, they can effectively tap into the maturing mortgage market. This isn't just about guiding clients; it's about building lasting relationships. Brokers who adapt and respond thoughtfully to their clients' needs in remortgaging will not only stand out but also succeed. Remember, it's not just about existing customers. There's also a chance to attract new ones who are exploring their mortgage options.
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