Halifax launches support service for vulnerable borrowers

August 20, 2023 by Brendan O'Neill

Mortgage Advisors

A new support service designed to help mortgage advisors dealing with customers in situations that classify them as vulnerable has been introduced by Halifax.

The new service will make it easier for advisors to get in touch with someone at the lender on behalf of both current and new borrowers who may need greater levels of assistance. Advisors can do this by calling the business intermediary department at the Halifax, after which someone from the vulnerability team will phone them back by the end of the following day.

Among the information advisors will need to have to hand are the name of the borrower, as well as their mortgage roll number. Halifax is also reminding advisors that all disclosures must be correct, and the permission of the borrower must be sought to discuss their financial situation before making the call.

According to Financial Reporter, a spokesperson for the lender said:

“We want all customers to be able to have the full use of the mortgage product or service they hold with us and understanding customers’ additional support requirements means we can be flexible to their needs.”

A recent study looking into the issue of financial vulnerability in the UK using the Consumer Duty categories revealed that more than half of people across the country would fit that description.

Given that this sort of vulnerability is something that those with CeMAP mortgage advisor training are encountering to an ever-greater degree, it is to be hoped that other lenders introduce similar measures.