Mortgage lenders should be ‘sympathetic’ and proactive in handling Covid-19 issues – FOS

Mortgage lenders should be ‘sympathetic’ and proactive in handling Covid-19 issues – FOS

 

The complaints regulator outlined the key ways that lenders should be acting and things they need to consider when faced with borrowers in financial difficulties.

“When looking at a complaint, we’d expect to see that a lender responded positively and sympathetically to a borrower being in financial difficulties,” the FOS said.

It also highlighted that borrowers may not be able to sufficiently explain their issues and that lenders should “proactively look for signs of financial difficulty”.

 

Lenders should be thinking about and taking into account:

 

Extraordinary effort required

“In a few short months, Covid-19’s impact has been felt by every one of us,” the FOS noted on its monthly bulletin.

“This extraordinary situation requires an extraordinary effort to support the tens of millions of customers who’ve been affected by the crisis.

“Though the future’s far from certain, the businesses we cover, having supported lives and livelihoods in more normal and optimistic times, now have a key part to play in mitigating Covid-19’s worst effects.”