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Consumer Panel says borrowers failing to seek advice on mortgage problems

The Financial Services Consumer Panel says 44 per cent of borrowers do not seek advice when they face difficulties paying their mortgage.

In a speech given to the Council of Mortgage Lenders today, Financial Services Consumer Panel chairman, Adam Phillips said the most apparent reason for people not seeking advice is their perception of the advice sector.

He said this perception leads consumers to deem advice not necessary or not applicable to their problems.

Phillips said: “When people get into difficulty with their mortgages, they need constructive help and advice on the best way forward.

“Mortgage lenders have a duty under the principle of Treating Customers Fairly both to help their customers in arrears, and also to tell them about independent sources of advice.

“There is an urgent need for more investment in publicising and supporting sources of information and advice in this area.”

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