Francesca Smith, Research Officer, Money and Mental Health
No place like home
Supporting people with mental health problems in mortgage difficulty
This report looks at the impact of rising mortgage costs, especially for people with mental health problems.
It shows that people with mental health problems are more likely to have cut back on food, energy and other essentials to keep up with mortgage payments. This group is also at greater risk of falling behind on mortgage bills compared to other homeowners.
Another key issue is that many mortgage holders with mental health problems are struggling to access vital support from lenders to help with mortgage difficulties, such as help switching to a more affordable deal or reduced payment plans.
Key recommendations
We’re calling on mortgage lenders to increase awareness of the support available and to better meet the needs of people with mental health problems in mortgage difficulty by:
- Being more proactive in informing and reminding customers of the support on offer, utilising customer data where possible to identify and target customers most at risk of experiencing payment difficulties.
- Ensuring that all customer-facing staff are trained in how to support people with mental health problems and the practical adjustments they may require, such as spending more time making sure they understand information or providing written summaries following discussions with lenders.
- Making support easier to access, for example by routinely recording customers preferences around communications channels and using their preferred channel when reaching out with support.