FCA confirms the next stage of support for mortgage borrowers

FCA confirms support for mortgage borrowers if they continue to face payment difficulties due to coronavirus.

The FCA has published additional guidance for firms, to ensure that consumers who have benefitted from payment deferrals under the current guidance and who still face financial difficulties, as well as those whose financial situation may be newly affected by coronavirus after the current guidance ends, continue to get the support they need.

The measures, which come into force today, mean firms will offer further short and longer-term support reflecting the circumstances of their customers. This could include extending the repayment term or restructuring of the mortgage. Where consumers need further short-term support, firms can continue to offer arrangements for no or reduced payments for a specified period to give customers time to get back on track.

Firms will prioritise support for borrowers who are at most risk of harm, or who face the greatest financial difficulties. The new guidance reinforces the need for firms to deliver outcomes that are right for individual borrowers rather than adopting “one size fits all” solutions.

Check out how Atom Bank is using IE Hub to support its customers with bespoke solutions:

IE Hub allows customers to self-serve and share their income and expenditure with firms securely. Once received the I&E can be used to discuss the options available to customer to support short- and long-term recovery or to identify financial difficulties.

Atom Bank has been working with IE Hub throughout the pandemic to support customers and provide the right outcome for individuals. With IE Hub, Atom Bank were able to implement a new process in time for the first wave of payment deferrals ending, they could then process hundreds of I&Es using IEHub. Most importantly, they are able to get 88% of their customers to self-serve using IEHub’s Customer Portal, thereby making it very convenient for customers as well as reducing the operational overhead in their collections team.

John Donnelly, Credit Risk Manager at Atom Bank, said:

“It’s great to be working in partnership with IE Hub to provide customers with a secure, quick and easy way of sharing their income and expenditure with us. Like others in the industry COVID-19 has meant we’ve had to adapt to service the growing demand and answer the needs of our customers. Working with IE Hub will give us the opportunity to continue to do both”.

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