Copy article

Mortgage help for struggling borrowers - does it go far enough?

Journalist: John Fitzsimons, Freelance

ended 14. March 2023

Last week the FCA outlined its expectations around the support offered to borrowers who are struggling with their mortgage repayments (https://www.mortgagesolutions.co.uk/news/2023/03/10/fca-announces-support-for-struggling-mortgage-borrowers/)

Would be great to get your thoughts on the following:

Does it go far enough?

What else should the regulator be doing?

What conversations are you having with your own clients who are feeling the pinch?

What impact if any does the Consumer Duty have?

1 responses from the Newspage community

Copy all

Copy

Gary Boakes
Director at Verve Financial
The lender only has limited options when it comes to helping struggling cusotmers; extending the term, interest only, payment holidays or reduced payments. All of these will help depending on the client's set of circumstances, but the fear of losing their home or affecting their future mortgage ability does mean that customers last call is to the lenders, when it should be the first. I persoanlly think that the lenders need to have a better duty of care to let their customers know that they are there to help and that they don't want to repossess their home, that would mean that customers get ahead of the problem.