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‘All clients to be treated as vulnerable’ – Star Letter 07/07/2017

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  • 07/07/2017
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‘All clients to be treated as vulnerable’ – Star Letter 07/07/2017
Each week Mortgage Solutions and its sister title Specialist Lending Solutions select the most thoughtful or thought-provoking comment to be the week's Star Letter.

This week an alternative view from Baron under Stuart Wilson’s article ‘Ask the expert: How do you deal with a potentially vulnerable client?‘ caught our eye.

He writes: “Totally agree and support this (you know what’s coming……) BUT I feel there is an over-emphasis on the older generation being ‘vulnerable’.

Before anyone jumps to Stuart’s defence, I appreciate that this article is aimed at the later life planning market.

My concern is that the number of younger people with mental health issues is probably far greater. A much more sensible approach is for all clients to be treated as vulnerable, from the person who is being pressured to buy their first home by a parent that wants to get rid of them, or a young couple with one of them looking for a commitment from their partner by tying them into a mortgage contract as a precursor to starting a family.

How do we deal with a potential property owner who may suffer from depression or anxiety issues which will be exacerbated when dealing with lenders/underwriting/surveys/pressure of maintaining a property/making payments on time?

The opposite also applies – what about the parents who live in a larger house based on the disability benefits they receive for their disabled children? My wife works in a college and she regularly sees young adults who are badgered by parents into disbelieving they can be independent as the parents would then lose their carers’ allowance, disability benefits, disability vehicle, etc. These cases are reported through the necessary channels but rarely, if ever, get dealt with due to massive numbers and the lack of staff to deal with them.”

Click on the post to read Stuart Wilson’s reply.

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