Trainee Mortgage & Protection Advisor Telephone Based Role Play Exercise

Legacy_user

Hello MSE community!

I will appreciate your HELP as I need to prepare myself for a trainee mortgage interview. I have a role play exercise and within 15 minutes I have to convince (in professional manner ;-) ) customer to progress with a mortgage application.

My question is what should I ask customer about to determine and understand their needs and requirements, and to establish what it is they are looking for?

I have 4 fictional offers but I need to establish my customer`s requirements and needs first.

Thank you! :beer:

snoop2008

Good luck!!


Hope this helps putting myself in customer shoes... so here goes..


I would want to know,, interest rates, mortgage types,, fixed, variable, early repayment charges, fees , valuation etc.. term length, porting etc... over payment charges,, documents accepted, .. Lots to learn so good luck..

System

snoop2008 wrote: »

Good luck!!


Hope this helps putting myself in customer shoes... so here goes..


I would want to know,, interest rates, mortgage types,, fixed, variable, early repayment charges, fees , valuation etc.. term length, porting etc... over payment charges,, documents accepted, .. Lots to learn so good luck..

Thank you!

Will structure this :j

ACG

I always try to understand what the client wants:
Cheapest rate? Cheapest fixed rate? Longest fixed rate? Unlimited overpayments etc etc.
How much do they want to spend a month.
What are their plans over the next 2-5 years.

Then you can start to look for products that tie in with their prefences and requirements.

They may want to fix for 5 years, but if they plan on moving in 3 years then I would be reluctant to tie someone in for more than 3 years. When the time comes to move, they are limited to 1 lender without paying the ERCs.

Once you have discussed what they want/need and you have found a suitable product, you should then be explaining your recomendation - the monthly cost, the fees, the rate etc and how it fits what they wanted.

You could also maybe suggest that you have found life insurance for an additional £15-20 a month maybe? or at least ask if it is something they would be interested in. It shows the asessor that you are looking for additional opportunities and covering all the bases.

JaneyLouWho

You'd need to ask them about their family, lifestyle, disposable income, what they would do if the interest rate went up and their mortgage payment increased, whether they need to do work to the propoerty they want to buy, whether they want to move again - all of that would help you determine what kind of mortgage needs they might have then you'd discuss the options including what snoop suggested and advise them how they would best proceed.

System

Thank you! I thought about a selling mortgage protection and life cover insurance

System

Thank you Janey

amnblog

snoop2008 wrote: »

Good luck!!


Hope this helps putting myself in customer shoes... so here goes..


I would want to know,, interest rates, mortgage types,, fixed, variable, early repayment charges, fees , valuation etc.. term length, porting etc... over payment charges,, documents accepted, .. Lots to learn so good luck..

Sorry Snoop,

1. Borrowers rarely ask about a fraction of these items.
2. None of these issues will convince our subject to decide to give their business to our triallist.

Two things are true.

It's always about what you feel, not what you think.
It's dangerous to assume the important points

amnblog

DL - since is a Friday and I am feeling good, you can call me if you wish and try your patter on someone who does this every day.

System

Thank you amnblog
I appreciate it.:beer: I will pm you about call.

System

amnblog wrote: »

DL - since is a Friday and I am feeling good, you can call me if you wish and try your patter on someone who does this every day.

amnblog THANK YOU for your detailed explanation over the phone! I wrote everything down and will impress my assessor for sure!

Have a good weekend everyone! :cool2: