The Top 5 Ways to Implement GI into Your Re-mortgage Conversations

When a client needs to re-mortgage, they present you with a perfect opportunity to diversify your offering and provide a full protection experience.

Capitalise on an ideal chance with homeowners who are looking to re-mortgage their property, ensuring your clients have the right cover in place, exploring new opportunities to secure a more suitable policy for their needs.

A growing number of lenders have begun to offer sub-4% rates, including Santander, HSBC, TSB and First Direct. Many of these products are for borrowers with more than 40% equity on their property, with Barclays only offering to those buying homes with strong green credentials.

Does your client have access to these lower rates? Are they looking to take advantage by re-mortgaging? Here’s five perfect ways to implement GI into your re-mortgage processes.

1: Connect General Insurance to Client Re-mortgage Goals

A competitive mortgage rate goes hand-in-hand with ensuring your client’s home remains properly protected. If they’re saving money with a lower rate, it’s the perfect time to review their cover and make sure it still meets their needs.

Has your client reviewed their policy before re-mortgage? A gentle reminder is a good way to re-engage contact and make sure they’re not over or under-insured.

RebuildCostAssessment revealed in September 2024 that 76% of homes in the UK are underinsured. Make sure your client isn’t a part of that statistic!

2: Financial Changes May Require an Insurance Review

Financial changes can be a key driving factor in re-mortgaging. Find out whether your client has had any salary changes. If they have, then they may need to look at their insurance needs alongside their re-mortgage.

A higher income might mean they want to enhance their cover, while a tighter budget could prompt them to explore more cost-effective options without compromising on essential protection.

3: Switching Lenders, Switching Insurers?

If switching mortgage providers, it’s also a great time to review their home insurance policy to ensure it still provides the right level of cover for their needs. Is your client aware of lending requirements that may need to be met to access their new mortgage? You can remind them of these parameters and help them find the best product.

4: Home Renovations and Added Property Value

Is your client borrowing more to make home improvements? If so, their property value could increase, but their insurance needs to keep up. A re-mortgage is a great opportunity to review whether recent home improvements, such as extensions or renovations, are adequately covered under their current policy.

Remind your clients that they should notify their insurer before making any significant changes to their home. This ensures that of anything goes wrong during the building process, they won’t be left without protection. Additionally, if your client is looking to install a flat area of roof, for example, their insurer may want to increase the policy premium due to increased risk of damage.

5: Future Plans Impacting Home Insurance Needs

Is your client planning to move soon? If so, they’ll need to re-assess their Home Insurance situation ahead of the move, so they have an idea of what they need covered. You can direct them from here and make sure they know exactly what needs to be protected.

If your client is downsizing or moving into a larger home, they’ll need to take out a new home insurance policy to ensure it provides the right level of cover for their new property.

As their guide through re-mortgaging and insurance, you can help your client to think long-term and encourage them to review their cover whenever they make a big life change, such as wedding engagements, having children etc.

Conclusion

Ultimately, your re-mortgaging clients provide a great chance to diversify your offering, earn some extra income and offer your client full protection for their financial needs.

For more information and tips such as these, get in touch with our Business Relationship Management team. They can talk you through how to maximise your offering, whilst boosting income numbers. Give us a call today on 029 20 265 265.

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