Paymentshield’s upcoming virtual conference “Be GI: Stronger Together”, on the 14 September, will take the remortgage opportunity as a central theme and is designed to educate advisers on how to leverage its market opportunities to bolster their income, as well as equip them with practical tips and training to help them create valuable GI habits.
The conference will offer a choice of training sessions delivered by Paymentshield’s Regional Sales Managers and panel discussions with well-known personalities from the industry and experts from Trustpilot and Sky.
Market analysis by Paymentshield has revealed a costly missed opportunity, with advisers losing out on £16 million in commission each year by failing to quote clients on remortgage or product transfers.
Paymentshield’s analysis shows that remortgage and product transfers account for approximately 20% of all mortgage transactions handled by intermediaries, which in turn creates an opportunity for approximately 208,600 approvals annually and a potential overall commission for advisers of just under £17 million.
Yet, indicative market research suggests that the actual quote commission earned by advisers each year for a remortgage is around £937,500, resulting in an earning blackhole of £16 million.
This means that advisers are only quoting on 5-6% of the total remortgage opportunity.
Paymentshield is encouraging advisers to tackle this disparity, particularly in the coming months as large volumes of five-year fixed-rate mortgages are set to mature following historic changes to tax regulations for buy-to-let landlords.
You can register for Paymentshield’s Be GI: Stronger Together conference for free below.
Paymentshield’s analysis was calculated using a combination of the average monthly mortgage approvals (January 2019–February 2021) written by intermediaries, remortgage approval volumes, and its own market data.