According to research by LiveMore, which polled around 500 homeowners, approximately 47 per cent attributed their perceived vulnerability to having little or no savings.
Almost two in five pointed to poor health, whereas 35 per cent felt burdened by bills and credit commitment.
Just under a third said they felt vulnerable due to mental health issues.
LiveMore said vulnerability was a key aspect of Consumer Duty and brokers were obliged to recognise signs of customer vulnerability in order to deliver positive outcomes. They should also be aware that people’s circumstances can change in the future, especially with age.
The lender said brokers should make annual customer care calls to check in with the clients and to make sure the product was still appropriate for their needs.
Leon Diamond (pictured), CEO and founder of LiveMore, said: “To encourage brokers to make that yearly call to customers, we offer them an annual customer care fee of 0.13 per cent for up to 15 years. Mortgage lenders and brokers can make a genuine difference to people’s lives, especially during this cost-of-living crisis.
“Awareness seems to be growing, but too many of our older generations are still unaware of the mortgage and financing options now available to them.”
He continued: “The Consumer Duty requires those of us in the financial services sector to do better by our customers – and we welcome that. The cost-of-living-crisis isn’t going away any time soon, so it’s more important than ever that homeowners are aware of their options and able to easily understand them.
“We have some great new tools on our website, and brokers can talk to us to find out what’s available for any of their 50+ clients, if they’re not sure. You never know. One of our new mortgage customers was 92.”
