Some 24 lenders, mortgage clubs, networks and industry bodies are in a Vulnerable People survey, to help identify and support vulnerable customers.
The survey, which went live this week, is anonymous, with Smart Money People managing the survey and results.
Featuring input from a diverse group of lenders, including Newcastle Building Society, The Mortgage Lender (TML), Buckinghamshire Building Society, Accord, Paradigm, Sesame Bankhall Group (SBG), Alexander Hall, and the Association of Mortgage Intermediaries (AMI), the survey examines the industry’s understanding of vulnerability and the challenges in identifying it throughout the mortgage application process.
The Vulnerable People survey seeks to address several critical questions, including:
- Do brokers fully understand the complexities of vulnerability beyond the obvious scenarios such as age or illness?
- Are brokers comfortable disclosing a customer’s vulnerability to a lender without fearing it might hinder the application?
- What further support or education do brokers need to effectively manage cases involving vulnerable clients?
- How can lenders streamline their processes to ensure vulnerability is identified and handled early in the customer journey?
By gathering broker feedback, the survey aims to provide the industry with a clear direction on how to better identify and support vulnerable clients.
The ultimate goal is to create a more inclusive and supportive mortgage process that protects customers who may be at risk due to life circumstances such as illness, financial difficulty, or major life changes like divorce.
Once the survey results are compiled and analysed by Smart Money People, they will be shared with the wider marketplace, including industry bodies such as the Building Societies Association (BSA) and the Intermediary Mortgage Lenders Association (IMLA), to help create educational resources for brokers and lenders.
A Smart Money People spokesperson says:“We are delighted to have been asked by the working group to gather research from brokers on such an important topic as Vulnerable Customers.
“We’ve been collecting insights from brokers for over five years, which are now used by numerous lenders to inform them on various areas including service, products, and marketing. We are confident this latest report will not only be an exhaustive study but will also provide detailed, practical insights.”
