Top 5 Most Asked Equity Release Referral Questions
1. Where do I find business?
Your existing client base is always a good starting point, do you have anyone over 55 with an interest only mortgage? Grandparents of first-time buyers to help with the deposit is also a good route to business along with professional connections within your network.
2. What is the best age group for potential clients?
Surveys have shown that people just past the state pension age from 65 – 70 seem to be most in need of extra income purely down to the fact that they have not budgeted for full retirement where your costs go up and your income goes down. Once savings run down there is often an income shortfall.
3. Why do I never get clients asking for it?
Very rarely will you find people asking for this type scheme down to the fact that’s it’s still a niche market and not very well known by the general public. There is more product awareness these days due to prime TV & paper advertising and, of course, there was the bad publicity associated with the sector 25 yrs. ago. People have long memories!
4. How much do I get paid?
I pay a minimum of £500 or 50% of the procuration fee. Larger cases can be very lucrative as my introducers will testify. The procuration fees in this sector are much higher than traditional mortgages; the most I paid out on one case to an introducer last year was £7,800. Nice work if you can get it!
5. How do I refer a case?
I’m happy enough to just take a name and number from you or go on an initial joint visit. Family involvement can be helpful but is not always necessary. I can also send over an initial data capture form that will give me enough information to form a view if the product will be suitable to book an appointment with the clients.
If you would like to contact us please call us on 01204 884545 . Lines are open Monday to Friday 8am to 8pm