She adds: "The only government support currently available for these individuals comes in the form of the Support for Mortgage Interest loan scheme. Those wishing to access this financial support must first apply for Universal Credit.
"However, this benefit has a waiting list of around 39 weeks, which is clearly impractical for those in desperate need of support. The government would do well to consider how they can roll out this financial support measure with more immediate effect.”
Again, this is where advisers can help clients who find themselves in this position. And much of the pain could be reduced if the government and regulators got on board with better signposting towards professional advice.
After all, as commentators have said, the advice needed to help many people overcome their vulnerability is not actually complicated.
Mr Thomas explains: "I’ve found that simply chatting through financial matters and reassuring them has helped enormously, often by simple budgeting and prioritising expenditure."
The MMA's Mr Griffiths adds: "For all, the advice remains the same: take your wants, needs and financial situation to a professional mortgage adviser and let them walk you through the array of options available to you.
"By doing this you’ll be accessing the entire market, and be able to secure the best possible mortgage while also getting all the protections that advice affords you.
"The market is open for business and is here to help every single borrower.”
Simoney Kyriakou is senior editor of FTAdviser
