- July 30, 2023
- Posted by: legaleseblogger
- Category: Related News
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£5 Million Advertising Blitz Launched to Help Struggling Borrowers
By Mark Kleinman, City editor @MarkKleinmanSky
Britain’s largest mortgage lenders are set to launch a significant advertising campaign this week, worth ┬ú5 million, to showcase the support they are providing to customers facing financial difficulties. The industry, under intense scrutiny, aims to reassure struggling borrowers and encourage them to seek assistance.
The advertising blitz, funded by participating banks, will urge customers to “reach out” if they are having trouble with their monthly mortgage repayments. The campaign is led by UK Finance, the industry lobbying group, following discussions with Chancellor Jeremy Hunt. It was agreed upon during a roundtable meeting held the previous month.
The chief executive of UK Finance, David Postings, emphasized the campaign’s purpose: “We have launched this campaign with our members to ensure that anyone struggling with their mortgage payments is aware help is available. Lenders are prepared to offer support, even if payments are up to date. If you’re facing difficulties with your mortgage, or anticipate difficulties, reach out to explore the available options.”
According to an industry insider, lenders assisted over 200,000 borrowers unable to make their full mortgage payments and more than two million others experiencing financial hardships in the year leading up to January 2023. Support from lenders includes payment extensions, temporary switch to interest-only payments, and temporary reductions in monthly payments.
The mortgage charter, which was instated after talks with the chancellor, includes additional measures such as providing customers approaching the end of a fixed-rate mortgage the opportunity to secure new deals. Additionally, it guarantees that a customer’s home will not be repossessed within 12 months of their first missed payment.
UK Finance’s advertising campaign, created in collaboration with the advertising agency M&C Saatchi, launches amidst mounting pressure on the banking sector. Lenders are being scrutinized for the pace at which they are increasing mortgage and savings rates following Bank of England base rate hikes. In the coming week, a separate savings charter is expected to be published.
Furthermore, a campaign unrelated to UK Finance’s efforts has gained traction. It aims to exert pressure on major banks following Coutts’ decision to close Nigel Farage’s accounts. Last week, Dame Alison Rose, former chief executive of NatWest Group (Coutts’ parent company), resigned after admitting that she had discussed Farage’s banking arrangements with a BBC journalist, who allegedly received incorrect information from a “trusted and senior source.”
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