Objection Handling Guide

Client objections are common in our line of work, but often, they can be overcome. Here are some tips for reassuring reluctant customers and removing this barrier to conversion.

These scripts are tailored to the needs of mortgage brokers, but you may find some of them useful if you advise on similar financial products.

When a client says they’re “not interested”

If the client interrupts as soon as you tell them where you are calling from, you can reply with the following: “(name) we are calling to tell you about potential savings on your mortgage (or other financial product)” Then you can continue with your opening script.

However, if once you have told them why you are calling and they then tell you that they are not interested, you would then ask them “what’s putting you off?”, at which point they will tell you their current position and you will get the training on the best way to respond.

“I’m happy as I am”

Respond with: “Great (name), most people I speak with say the same but that’s because they aren't aware of what savings may be made for them. I'm sure you’d agree, IF we could put some money back into your pocket then it would be better off there than in the lender’s, wouldn't it?

“The mortgage is the biggest financial commitment of your life; no one wants to be overcharged if they do not need to be, do they?”

“I have my own financial adviser”

One response could be: “No problem (name), there is no harm in getting a comparison, is there?” Then flow back to the script.

Here’s a possible alternative: “Great (name), the more advice you get the easier it is to see who really is showing you the better options,” Then flow back to the script.

“I want to deal with a high street lender”

Respond with: “We are independent; we go to all of the banks and building societies on your behalf and the lenders show us exclusive deals.” Then flow back to the script.

“I’ll be hit with penalties if I change”

Respond with: “Just because you have penalties it doesn’t mean you can’t change your mortgage, they are only put in place to stop you from having a look to see what other options are available for you. I speak to people all the time that have penalties in place on the mortgage but often we find that those penalties can be outweighed significantly with savings.” Then flow back to the script.

Alternative response: “As long as you are saving more than you are paying it is going to be beneficial for you isn’t it (name)? I am here to assess that for you.” Flow back to script.

“I just wanted quotes online”

Response: “Most people I speak to say the same thing, the only problem with looking online is that the quotes you get are just typical rates. Whether they apply to you or not is a different question. Also what you find online are the rates they want you to have ‘headline rates’, each lender will probably only show you about 5-10 deals whereas when you look at it with a large broker such as ourselves we have access to 1000s of products that are not available to the general public and are only offered through intermediaries such as ourselves. That is what we look to show you.

“What we will be able to show you are rates that apply to you, not just hypothetical ones that you find online.”

“I’ve found a deal I like already”

Respond with: “That’s great because what you’ve done there has left us with a benchmark to improve on for you, so if we could get you a better deal, then I’m sure you would agree it would be worthwhile having a look at wouldn’t it (name)?” Flow back to script.

Or: “There is nothing to stop you comparing the different options available, is there (name)?” Flow back to script.

“I’ve already remortgaged”

Respond with: “Have you, so we just missed you? Just out of curiosity did you stay with your existing lender or did you go with someone else?”

If they stayed with the existing lender, clarify whether they put them on a special deal or just reverted them back on to the SVR. If they are now on an SVR, explain to the client that it is just as it says on the tin: it’s a Standard Variable Rate so they have no discount and it’s still worthwhile having a look at the options as they could be missing out on further savings.

“I don’t want a broker to pay me a home visit”

Response: “(Name) first of all, I'll check all the information with you over the phone before I carry out my research, so that I know I’m not wasting your time or my own. If after we have assessed the information, it is evident that savings may be made, I am sure you would want to know about them, wouldn't you?” Flow back to script.

You could also add?: “I’m fully qualified to give you impartial advice, during this free initial consultation we do not ask you to sign any deals and if you choose not to go ahead with us you have lost nothing as it is obligation free.” Flow back to script.

“I have never made an enquiry”

Response: “The mortgage industry is very highly regulated and we can only call you if you expressed an interest in saving money. (Name), I am here to quickly assess that for you.” Flow back to script.

“Who do you work on behalf of?”

Response “We work entirely on behalf of our clients; we are one of the country’s largest independent mortgage brokers.”

“I want to speak to my own bank first”

Response: “Okay (name), I understand but are you aware as of the 26th April 2014 every bank will have to give you advice rather than just showing you a list of products they sell. This means you will have to go into your bank to speak to them face to face, probably on your day off. For the same amount of time we can show you all the lenders options that may be available to you based on your personal circumstances.”

“I can’t take you up on your offer because I’m fixed into a deal”

Here are a few questions you could start out by asking them in response to this: “So, you tied yourself into a fixed rate, what rate did you get yourself?”

And/or? “When did you last look at your loans, how much do you owe in total?”

And/or: “Have you got an ERC?”

Then follow up with: “We would look to outweigh any early redemption charges with further savings and I’m sure you would agree it would be beneficial for you.”

“My partner deals with mortgage”

Response: “Oh, so you leave him/her to deal with all the exciting stuff do you? I will check a couple of bits of information with you that you WILL know and I’ll give your partner a call back later.”

And if they’re adamant they’re not interested…

“Okay, I will update the system for you, before I do that I just need to let you know the call may be monitored or recorded.” Carry on as normal until they put the phone down.

You can download these scripts along with general lead-handling tips as a PDF here.