FinTech platform slashes charges to mortgage advisers for a second time

Unbiased, a platform for connecting with prospective clients, has slashed charges it imposes on mortgage advisers for a second consecutive month.

Unbiased claims its data shows enquiries growing 16 per cent year on year but says the charge reduction is “to support the industry in the immediate term.”

It’s cutting the cost of all enquiries in tiers 3, 4 and 5 by an average of 20 per cent for a four-month period. It already made a price reduction in January.

·         Tier 3 enquiries (customers with £100,001 to £150,000 in assets) – 11% enquiry cost reduction , following a 21% reduction in January;

·         Tier 4 enquiries (customers with £150,001 to £250,000 in assets) – 19% enquiry cost reduction;

·         Tier 5 enquiries (customers with £150,001 to £250,000 in assets) – 8% enquiry cost reduction.

Chief executive Karen Barrett says: “Unbiased was built on the foundation of enabling easy to access advice for all; however, in today’s climate this has become increasingly difficult for mortgage advisers in particular. Although we are seeing high demand for mortgage advice, customers are finding it harder to find new deals that make it compelling to act.

“These latest price changes come in recognition of the increasingly complex and challenging economic conditions being faced in the mortgage market, and is aimed at further supporting business growth in the industry.

The platform has also issued four tips, based on user activity, to help advisers optimise chances of conversion:

·         Make the adviser the first point of contact. Most customers expect the individual who will be providing their advice to be the first person they speak to so that they can gauge their expertise, whether there’s a fit, and get comfortable. Wherever possible, ensure your organisation gives this opportunity, rather than delegating the first-contact to back-office staff or other members of the team.

·         Build trust first and foremost. One of the most common reasons for an enquiry going cold after the first call is because customers found the advisers’ information requests too invasive – especially regarding mortgage suitability. Be careful not to request too much information upfront, and instead focus on building their trust first.

·         Find out what communication channels they’re comfortable with. Speed and convenience are essential parts of the services we deliver, but that doesn’t mean messaging apps such as WhatsApp are always the right way forward; in fact, when it comes to commercial dealings, consumers said the informality of these platforms can be off-putting. Make a point of asking prospective clients upfront which channels they feel most comfortable sharing information on – and stick to it.

·         Make transparency a priority. While Zoom and teams can make meetings easier and more convenient, many clients find a lack of face-to-face contact unnerving, so give them the option to meet in-person where you can. Make sure you’re clear about your fees and how you collect them, too, to keep building their trust.