Telephone mortgage leads with a 90% conversion rate… industry record?


This is the transcript from a very talented mortgage broker who I won’t name, but was trying to negotiate the supply of  mortgage leads where we get paid a small fee upfront and a £250 back end payment per completed deal. His premise was that he could deal 90% of the remortgages over the phone which has go to be a industry record.

Ryan Mellor:
We have the following lead availability:

Financial Advisor Online Leads (this includes pensions and investments and all other areas of financial advice) – On either a National or Regional basis – £100 per lead (no VAT)
Insurance Advice Online Leads – National basis only (trial 100 leads at cost)
Income Protection Online Leads – National basis only (trial 100 leads at cost)
Mortgage Advice Online Leads  – National basis only (cost + £10 per lead)

All leads are from potential customers that are searching online for the things you offer. You only pay for prospects who want you to contact them. Conversions vary between 15-30%.

Mortgage Broker:
Hi Ryan,
Yep, we want the potential lead contacted by you to confirm that they really are interested and not just internetting about – the leads off the internet just waste a lot of our time, we feel that it is better to pay more for a qualified lead and not have our CeMAP qualified staff doing telephony. Basically outsourcing the vetting process.

Ryan Mellor:
How many leads do you want?
Cost of leads + cost of qualifier + profit per lead that may work.

Mortgage Broker:
Well I guess whatever you calculated as a competitive cost per qualified lead – and then we can pay a bonus to the sales person per sale.
Also the conversion rate should be almost 90% given that initially the leads will come to me and the qualifier has determined that the Customer is ready to move as long as I can do the business.
At present I have spare capacity to sell an extra 5 per week – we could start at say 10 leads per week and if we are working well, I can introduce other advisor   (realistically a mortgage takes 4 -6 weeks to complete … so a sale isn’t instant, you then have to do it !  
Sounds exciting,  the person vetting would be working slightly in addition to normal duties but earning masses more, depending on the initial cost per lead, I would be happy to bonus pay £250.00 per sale … not least to secure a professional regular supply.
Mortgage knowledge is not important,  it is simply ………… if the Broker can save you money on your mortgage, would you be interested and if so, would you wish to switch over straight away ?  If  ‘Yes’  when would you like to speak to him ?

Ryan Mellor:
Sounds good except there is no competitive cost per qualified lead. It’s cost of Google + the cost of delivering a qualified lead.

90% conversion rate sounds very very high. Our IFAs on pensions only manage 70% face to face.

Mortgage Broker:
Yes it is high ………… most of the competition isn’t as good as me (I am THE directly authorised fca Broker Company FCA xxxx)  and my competition is usually a Call Centre or of Sprog capacity……….  I am 100% face to face – but I don’t do that any more (I don’t need to).
I would ask you to put a price on the Qualified Lead because you are at the proactive end ….. and I would wish for the stability of cost.
This works if your person is good your end and the Fca weren’t mistaken giving me a Licence lol.
I am already happy to work with you,  it’s a pleasure to speak with someone who thinks out of the box.

Ryan Mellor:
Not interested thanks..

Sent from my iPhone

Mortgage Broker:

Ryan Mellor:
Google cost + cost of qualifier that is all I asked for 

Mortgage Broker:
I don’t know these costs …… you do ….. it is reasonable to suppose that you are the most qualified out of the two of us to put a fixed price on a qualified lead.
I don’t want to commit to a variable cost but will commit to an affordable fixed cost.

Ryan Mellor:
The Google leads are expensive – £20 – I don’t know what percentage would say yes to your pitch – then there will a further drop off on ones you cannot get hold off and ones you reject – so I don’t know the price.

That is why I am not interested…

Mortgage Broker:
Ouch,  if that’s what you think of your own leads then I’m not interested either !!!

If the quality is that bad ………………. wow !!

Not a problem


Ryan Mellor:
We just generate online leads and we simply charge £10 profit per lead. It’s a whole different ball game charging a fixed price for lead and qualification at cost and then waiting 6 weeks for 90% of them to convert which is never going to happen!

Ryan Mellor is Co-founder of RMT Group, RMT Direct Leads, IFA Direct Home and