Sesame has created a support hub for advisers to help the estimated 3.1mn UK clients who are coming to the end of their fixed rate mortgages before the end of the year.
The hub will be available to the firm’s PMS Mortgage Club and Sesame Network members and will include a range of tools and resources for advisers.
These will include template letters to help advisers re-engage with clients, along with social media tools, frequently asked questions, and a product transfer section with details on when each lender typically contacts borrowers whose fixed rates are expiring.
According to Sesame, an estimated £470bn of product transfer and remortgage business is projected for the remainder of 2022 and 2023.
Sesame’s strategic relationships director, Stephanie Charman said the profession is witnessing “the biggest mortgage refinancing opportunity of the decade” and that it is important advisers are prepared with the right tools and resources.
“This is more important than ever at a time when mortgage rates are rising, and consumers are facing a cost-of-living squeeze, which means getting the best deal available for their individual circumstances could make all the difference,” Charman said.
“Advisers are in a unique position to help people regularly review their mortgage and protection needs, and we are fully committed to supporting them every step of the way,” she added.
Based on FCA figures, around half of mortgages on fixed rates will expire in the next two years.
Yesterday (August 23) FTAdviser reported that the average two-year fixed mortgage rate has reached a nine year high, climbing to 4.09 per cent, following the Bank of England’s decision to push the base rate up further earlier this month.
As a result, borrowers have been rushing to secure deals before rates climb even further, causing at least seven lenders to withdraw from new mortgage business temporarily just to catch up with caseloads.
jane.matthews@ft.com
