Brokers must help clients remortgage, L&G says.
Jeremy Duncombe, director of Legal & General mortgage club, has called on brokers to do more to help their clients remortgage.
Reassessing their homeloans could help consumers save up to £1500, according to L&G.
The distributor is offering intermediaries a range of support, including leaflets and email templates to help contact existing clients.
The campaign follows the Bank of England’s decision to lower the Base Rate in August, which was preceded by lenders pricing in the cut by reducing their SVRs and fixed rate mortgages to record low levels.
Duncombe (pictured) said: “With record low fixed rates dominating the market and thousands of great mortgage deals out there, now is the perfect time for your clients to consider remortgaging.
“Borrowers on an SVR or coming to the end of their existing mortgage term have the potential to save thousands of pounds on their mortgage, the equivalent of a monthly pay rise or a family holiday at half term.
“However, in spite of the great deals available, the unpredictable and complicated nature of the mortgage market can make the idea of switching mortgage a daunting task for many borrowers.
"We think now is a great time for advisers to show their worth. Brokers should look to contact their books and build long-lasting relationships with borrowers by helping them to navigate through the thousands of products in the market and secure a new deal on their mortgage.”
