The coronavirus has brought fear and uncertainty with it, from those worried about health issues to people whose main concern is its financial impact. For people who have taken out a mortgage and now worry about being able to pay it off if they lose their income, mortgage advisors can play a key role in helping them navigate this crisis.
To begin with, it is important that advisors make sure that clients are comfortable talking to them about their situation. This is the time to make full use of the CeMAP mortgage advisor training and reach out to clients with support and information about the available government assistance and what help can be provided.
This could include advising later life clients about releasing home equity or using substantial savings to help family members who are distressed. Alternatively, it could mean making sure that clients who are struggling to stay afloat financially and do not have family who can support them are aware of resources to help them manage debt.
Finally, a mortgage advisor can take this opportunity to show that people in trouble who reach out for help during this crisis will not be judged for experiencing money problems. The current situation is unprecedented and will have financial impacts for large parts of the population.
Mortgage advisors must use their CeMAP training and experience to guide clients through this changed financial landscape with care and compassion, as it is not known how long these circumstances will last.
