We’re helping customers stay in their home
We proactively contact interest-only mortgage customers throughout their mortgage term to help support them in their planning for repayment and by doing so we identified that a small number of our customers didn’t have a solid plan in place to repay their mortgage when its term ended.
Customers generally don’t want to have to sell their home, but what we found they did need and want was sound advice. For those who haven’t made the necessary plans, in March 2017 we launched a new free service via Age Partnership – a leading retirement specialist - who can help customers ensure they can keep their home at the end of their mortgage with us.
Linda Green, Mortgage Solutions Manager explains:
Customers told us they needed support and advice on how to keep their home as selling wasn’t something they wanted to do. This identified a gap in our products and services and the best way to meet this need was to look at a company already specialising in this market.
That’s why Age Partnership was chosen. They specialise in Equity Release advice, and provide advice to 1 in 3 equity plans arranged in the UK. They can also offer pension drawdown advice, all personalised to a customer’s needs and circumstances. This is about helping our older customers by offering solutions for them and making absolutely sure they have a full understanding of what their options are.
After helping customers buy their home with one of our mortgages, it feels right to help them keep it at the end of the mortgage term. We’re looking forward to seeing how the service is received and what a difference it can really make to our customers.