Tired of unanswered phone calls to clients who have expressed an interest in mortgage advice, brokers are turning to WhatsApp to convert their leads into new mortgage business.
Mortgage brokers are reporting greater success rates by responding to client enquiries using WhatsApp messages and voice notes rather than trying to phone them. Furthermore, some say this is the way borrowers prefer to communicate throughout the loan process.
The Mortgage Mum trialled the use of voice notes as a means of responding to initial enquiries made through Instagram and Facebook after receiving disappointing conversion rates when attempting to follow up leads by phone call.
Founder Sarah Tucker said: “When it comes to converting enquiries to leads, nine out of 10 direct messages (DMs) received through Instagram turned into warm leads, where the person wanted to talk to an adviser straight away, when we responded to them using voice notes.
“We got no response at all when we first contacted them by phone.”
A recent study by Santander highlighted the popularity of the messaging app. In a survey conducted by the bank in Q1, it found that borrowers aged 18-34 years old were most likely out of all the age brackets to have found their broker using social media (13%) or an artificial intelligence (AI) tool (8%) and are most likely to communicate with their broker using WhatsApp (42%) at least once per week. This compares to 50% of older borrowers who claim they have never used it for broker communication.
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Meanwhile, voice notes are becoming ever more popular. A survey of 2,000 adults found that we record around six per day, each lasting around 95 seconds. Just over 50% said they would choose a voice note over a real-life conversation if they were too busy.
The personal touch
Some brokers are already heavily invested in the trend. Jamie Thompson, broker at Jamie Thompson Mortgages, has been sending a personalised video along with a survey to every client who completes an enquiry form on his website since 2024. In each video, which he says takes around 20 seconds to record, he greets the potential applicant by name and reiterates some of their circumstances in his message to make it personal. During the video, he asks the enquirer to complete a survey, also sent over WhatsApp, to find out more about their mortgage needs.
He uses this as a screening service to filter out borrowers he cannot help, saving his time and the borrower’s. If he is able to proceed, he sends a link to his calendar in the same channel to allow them to book their own appointment, which he conducts using a traditional channel such as over the phone or via video link.
“No one else I know was doing this, so if the client is making multiple enquiries and I am the only one doing this, it makes me more memorable,” said Thompson.
He said it takes him around 30 seconds to read the completed questionnaire, which compares to a 30-minute phone call before he implemented the system.
Thompson added: “The perception is that AI is the answer to everything, but for mortgage brokers, many of whom are one-man-bands, they probably don’t have the resources to work with AI properly. My view is, why overcomplicate things? My videos are casual, I don’t worry about lighting or my hair, I just record a quick personal message. Anyone who thinks my videos are AI has missed the point.”
Ricky Dosanjh, owner of Reeds Financial, uses Business WhatsApp for a mixture of messages and voice notes. He too finds following up enquiries with a phone call ineffective, saying: “You get no response. I don’t like leaving a voicemail, but if I send a text, I still get no response.”
He says phone calls and texts are more non-committal – clients don’t feel like they have to answer. WhatsApp, he says, provokes a different response.
He said: “People are more inclined to open the message if you make the opening line intriguing enough.
“I write: ‘Sorry I missed your call’. This piques their interest, particularly if they don’t recognise the number.”
More often than not, this gets clients to engage in a conversation, he adds. If the application is able to proceed and there’s more than one applicant, he sets up a WhatsApp group to share information and documents in real time.
“There’s no lost emails, no one gets missed off an email thread and there’s no miscommunication when a husband is trying to relay a message to his wife,” added Dosanjh.
When he is at his desk, he uses the web-based version of the message app. Any documents shared with him via the group chat can be dragged and dropped into his own CRM and vice versa.
Tucker says the success of her WhatsApp trial means the company is now looking to invest in technology that automatically responds to enquiries using a WhatsApp bot, whether they come from Meta adverts, social media or via her website.
Tucker said: “We can exchange messages and voice notes as well as automated prompts while the customer waits for a personal interaction with an adviser. I think it’s what is needed to bridge the gap in a modern world of tech and AI.
“After an enquiry, clients want an instant reply, but on their terms. Voice notes allow advisers to be personal but for the client to ultimately be in control of the timing of their reply.”
Security concerns
Some mortgage networks do not permit the sharing of documents over WhatsApp.
Tracy Griffiths, managing director of Switch Financial Network, says that while her network does use WhatsApp to communicate with clients for ease, it does not allow documents to be shared using the channel.
“We cannot be entirely confident that WhatsApp rules in the future may change in terms of security,” she said.
Graham Bennett, MAB’s group head of data protection, said: “At Mortgage Advice Bureau, we have guidance in place for our advisers regarding the use of WhatsApp. We recommend that documents should not be shared via WhatsApp, as secure document sharing and exchange is available through our customer platform. Generally, WhatsApp may be used for general case updates, appointment reminders, and other routine communications. However, it should not be used to send/receive documents or sensitive information beyond these purposes.”
Jack Norrey, compliance director at The Right Mortgage & Protection Network, says WhatsApp’s end-to-end encryption is “a real positive” and can help brokers share information and documentation quickly, securely and in a way that suits the client. “Used correctly, it can improve engagement and make the advice process more efficient without compromising on security or professionalism,” he said.
“That said, advisers need to remember WhatsApp communications form part of the client record and may need to be relied upon as part of the audit trail. Messages, voice notes and document exchanges should still be clear, professional and precise, rather than becoming overly informal simply because they are taking place on a messaging platform. Firms also need to ensure they have appropriate systems in place to capture, store and retain these communications, particularly as clients can delete messages at any time. These are straightforward requirements to meet, but they are important considerations for any adviser using WhatsApp as part of their sales and advice process.”