In our first column we look at the importance of qualifying your client for finance and handling objections. At the start of the boom in overseas property sales in the year 2000, 80 per cent of clients financed their overseas property acquisitions from their own wealth. But research by Savills shows that by the market's peak in 2007, the number of cash buyers had dwindled to just 20 per cent, with 80 per cent of buyers taking advantage of liquidity in foreign mortgage markets.
Therefore, "How do you propose to finance your property purchase?", should be one of the first questions your sales staff asks a client. The sooner you qualify your client, the sooner you know you are dealing with a serious buyer and not somebody that could be wasting your time.
One of the key points in any sales process is overcoming objections. There are various finance objections a client can make which can prevent a sale from progressing. Here are some common objections and some ideas on how to handle them.
If your house doesn't sell quickly how long are you prepared to put your life on hold? Had you considered the benefits of letting your UK property? Our financial advisors will discuss how you can make the move abroad before you've sold your home by releasing equity from your property and also discuss the pros and cons of letting your existing property.
Yes, you can get an overseas mortgage providing you have a sufficient deposit and can prove your income. I'm self employed can I get a mortgage? Yes providing you can prove your income.
Every lender has a different set of criteria for each client. Your bank can only offer its own products whereas our advisors research the whole market to find a lender that meets your needs. They have a strong relationship with lenders and underwriters who will judge each case on its merits.
Our advisors can discuss the options of a further advance with your existing lender or a secured loan.
Our advisors provide independent advice researching the whole of the mortgage market ensuring you get the best deals.
Yes there are lenders that will lend to clients who have had problems with their credit.
Our advisors will discuss your requirements over the phone and will then confirm everything in writing. Once you are happy to proceed then they submit most of the applications online which means that on average your funds are available in four to six weeks.
Are you qualified to? Products change on a daily basis and therefore our advisors will have details of new products. Some deals are only available through intermediaries.
Our advisors will always look to obtain the best rate with the lowest fees depending upon your requirements and circumstances. Before you agree to proceed you will be able to make an informed decision based upon written details of the proposed deal. Hopefully that gives you a flavour of how those objections can be overcome when you link up with an overseas mortgage specialist.