Speaking on Mortgage Solutions Television in association with Lloyds Banking Group, the lender highlighted the importance of borrowers knowing what taking a payment holiday or extension would mean for them.
Mike Jones, managing director of intermediaries and specialist brands at Lloyds Banking Group, noted that 400,000 mortgage borrowers, accounting for almost one in five of its book, had taken a holiday.
Jones explained the lender was already proactively contacting customers reaching the end of their payment holidays and added that brokers had a key role to play in their clients’ financial decisions.
“You’ve got many clients [and] we would be delighted if you would help [them] understand the impact of their payment holiday and help guide them as to the best way for them to proceed,” he said.
Jones was joined on the discussion by Esther Dijkstra (pictured), director of strategic partnerships at Lloyds Banking Group.
She highlighted that so far the return to the market was looking fairly positive.
“We’re gradually getting back into the market and volumes are looking good,” Dijkstra said.
“Acquisition business is starting to creep up, people are doing more searches.
“So we definitely see a return to the market, but still in small steps, because every time you open up a bit further you want to make sure you can process that and don’t start adding to a backlog.”