This Week… Mythbusters!!!
You have probably caught an episode of that fantastic programme that, since 2003, has aired on the Discovery Channel where the team attempt to test the validity of rumours, movie effects, adages and myths.
Over the next seven days we will publish, and attempt to “bust”, some of the most common myths surrounding mortgages from a customer viewpoint. We will challenge those beliefs with some thoughts of our own and hopefully convince you that a little time spent with us will enlighten you, help you and change your mind.
Whilst we cannot categorically prove or disprove our myths, we feel confident that we can challenge some of those perceptions. These myths are the seven most common things clients tell us when we suggest they spend 45 minutes with an independent mortgage broker like us.
Do recognise any of these?
· “I’m loyal to my bank”
· As I already bank with them (and they know me) the application process will be easier.
· I’ve been a customer for many years so they are more likely to be flexible with me
· I’ve shopped around online for the best deal.
· I have already seen an advisor (I’m reluctant to commit any more time to this)
· I’m self-employed/ not been trading long so I can’t get a mortgage
· I have historic debt issues, so I won’t be able to get a mortgage
As part of our usual weekly blog, we also get some insights in to the world of non-underwritten protection from Sapna Patel, our relationship manager at Metlife.
We start the mythbusters series with the following subject:
“I’m loyal to my bank"
Let’s take a look at this one because it is very common for people to think this.
Long-established high-street banking brands, their names steeped in the many years of trading history, give reassurance and an impression that loyal customers will be rewarded.
All businesses need new customers, so the best deals are costed down and headlined to attract (or buy in) those people. Think of mobile phone contracts, car insurance, special offers and, of course, mortgage products.
In this customer-winning model the cost or rate rises gently over time until you start to notice and look to move providers. Remember when you tried to cancel your TV package and the guy on the helpdesk immediately reduced the monthly payment to retain your business?
So, where does that money come from to pay for all those eye-catching deals with pride of place in the front window? Businesses know that a certain percentage of loyal customers will remain on their books producing revenue, so they bet against that income to offer cut-price deals.
Whether you like it or not, you really need to consider moving your money around and make those special offers work for you, and no matter how well you get on with the checkout staff or the branch manager, to the mega-businesses and huge corporations, you are but a number. Being a little blunt about it, ask yourself this: How loyal would your bank be to you in the event of you being unable to repay your overpriced mortgage? Worth considering…
We can take the hassle out of the process because we do the shopping around for you.
After a meeting with us we will of course check what your bank are offering but we will compare it against the rest of the market to show you the true cost and real value before settling on the cheapest deal available to you.
Tune in tomorrow for the next subject!
From Our Network – Sapna Patel, Metlife
MultiProtect is a complementary solution that enhances your standard protection policies. There is no medical underwriting and the monthly premiums are fixed regardless of age and pre-existing medical history. There are no health questions.
MultiProtect provides immediate financial support for you 24/7 worldwide by covering a range of injuries from broken bones to those that could have a significant impact on your life. You will also be covered if you have to spend time in a UK hospital and, with our extended cover options, you can protect your children as well.
You’ll have unlimited access to our professional Wellbeing Support Centre, which is provided by Health Assured, offering a wealth of helpful resources and dedicated telephone support , so you can start experiencing the benefits of a more positive future, today.
MultiProtect pays a lump sum for:
· Multiple broken bones – caused by an accident
· An accidental permanent injury including paralysis, loss of a hand or foot or loss of a major organ
· Accidental total permanent disablement
· Accidental death
· UK hospital stays as a result of an accident – from 12 months you are also covered for hospital stays from sickness.
· Funeral benefit
To show the value of the product please review the claims case study book showing a variety of claims that have been paid and the service we provide.
In 2018 we have paid an average of 1 claim every single hour of the day.
The product is not sold directly or online if you wish to inquire on the benefits further or purchase a MultiProtect Policy please speak to Peter Sadler or James Coughlan directly.
Tune in tomorrow for more mortgage myth busters! 😊