Research by the lender Bluestone Mortgages has found that one out of every six people surveyed would be unwilling to get outside help with financial problems, due to embarrassment.
That amounts to 16% of those that took part in the survey, with another 31% of respondents under the impression that there would not be any help available for them. 22% told Bluestone that they had no idea who they should seek assistance from about mortgage or other financial troubles, while 11% said that they felt that asking for support could have an adverse effect on their credit.
What the research shows is that many people simply do not know what help options there are available to them during a period when 24% of mortgage borrowers have worries about being able to keep up with payments. Almost one third of respondents stated that they were unaware of the support that the likes of lenders, mortgage advisors and energy firms could provide.
More than half of them were also unfamiliar with MoneyHelper and two-fifths did not know about any of the financial support services provided by their local councils. Satnam Sidhu, a mortgage expert, told Mortgage Strategy that:
“Advisors have a very important role to play to support those who are embarrassed about their financial situation. The first task is to create a non-judgmental and safe place for the customer to discuss any life experiences and credit issues.”
People with the CeMAP mortgage advisor training needed to help vulnerable borrowers are more important than ever now.