Lenders continue to support mortgage customers into 2021 with the help of IE Hub

Updated: Jan 29

IE Hub is helping lenders to reduce call times by 63% as they continue to support mortgage customers through payment deferrals.

The latest figures released by UK Finance show there were 130,000 mortgage payment deferrals in place at the end of December 2020.

The number of mortgage deferrals in place has been broadly stable since late October, after declining from a peak of 1.8 million in June 2020 as customers returned to making payments or sought tailored support from their lender.

With economic uncertainty continuing into the New Year national lockdown restrictions in place, the banking and finance industry is reiterating that ongoing support is available for those who need it. Mortgage lenders will continue to support customers facing financial difficulties due to Covid-19 over the coming months.

Customers who have already benefited from a full six-month payment deferral, but are continuing to experience financial difficulty, should contact their lender to discuss the tailored ongoing support.

UK finance has also warned that while 2,900 properties were repossessed by lenders in 2020, this could rise to 22,300 in 2022. Rising debt levels and the complexity of each customers situation will present a challenge to the lender.

As the number of customers entering financial difficulties grows this will put stress on lender operations to effectively assess affordability and offer tailored support. The impact will also be felt by the customers as they struggle to cope with growing stress and anxiety of mounting debt levels and the need to discuss the situation with each of their creditors…or worse still hide from the problem.

IE Hub’s is the only platform in the UK that empowers your customers to control their data and share their income and expenditure information quickly, safely and securely with multiple creditors.

IE Hub is already being used to support lenders and their customers to manage payment deferrals and mortgage arrears. “Lender A” has reported that their average handling time (AHT) is reduced by 63% for customer using IE Hub with 88% of customer opting to engage through the platform.

With IE Hub you can build a better understanding of your customers financial situation without impacting on your operations. IE Hub’s self-serve platform delivers a digital affordability assessment for you and your customers. Our approach to collections reduces running costs, save time and increase customer engagement.

Empower customers to share affordability information through our secure platform with delivery tailored to your operation.

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