Niki Cooke, Chief Revenue Officer at Protection Guru and an expert in the mortgage arena comments on the FCA Changes to Mortgage Conduct Sourcebook:
“It is imperative that lenders are putting in place the appropriate support for customers experiencing financial difficulty when making their monthly mortgage payments. Effective engagement from lenders should be available to ensure that customers can quickly act and given certainty with the cost-of-living crisis impact.”
”Advisers need to be as close to their customers as possible, providing options such as extending terms for remortgage clients, as they are having to extend to try and soften the blow on their finances of the inevitable increase in rates.”
“Too often, we are seeing that protection insurance to cover mortgage payments in case of unforeseen events is not part and parcel of the mortgaging and remortgaging process, elevating the issue of running into difficulty of meeting monthly payments when life events, such as separation, illness or even a loss of job incur.”
