24 lenders, mortgage clubs, networks, and industry bodies have collaborated with Smart Money People to produce its Vulnerable People survey, designed to better understand the challenges brokers and lenders face in identifying and supporting vulnerable customers, and to explore the barriers that prevent brokers from disclosing vulnerability concerns.
The survey, which is now open for two weeks, aims to gather insights from brokers on how well-equipped they feel in dealing with vulnerable clients and what support they need from lenders.
The survey is anonymous, with Smart Money People managing the survey and results.
Featuring input from a range 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.
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.
The Vulnerable People Survey can be completed here.
Jess Rushton, head of business development at Smart Money People, said: “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.”
