For far too long, mortgage lenders have waited until customers are already well behind on their payments to act and this was far too late for most people to avert a real financial problem.
Now, by proactively managing the situation through changes to the Banking Code, this will hopefully mean thousands of borrowers can get help before it’s too late and they find themselves in deep water.
Despite this, I feel this move would have been unnecessary if lenders communicated better with advisers and gave mortgage intermediaries more information on the client, whom they introduced to the lender in the first place.
The majority of intermediaries should have relatively well established client banks now and are in a much better position to offer advice, as they have that all-important personal relationship with the client.
A faceless voice calling from their bank couldn’t do as good a job as a person who knows the customer and is sat right in front of them, and who the client trusts to work in their best interests.
Therefore, if lenders really want to help their clients if they are in difficulty, they would be wise to draw on the expertise of the mortgage intermediaries who worked with the client in the first place. But to do this, mortgage lenders must stop excluding us.
Via e-mail
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