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Almost a third of older homeowners identify themselves as vulnerable

Almost a third of older homeowners identify themselves as vulnerable
Shekina Tuahene
Written By:
Shekina Tuahene
Posted:
17/11/2023
Updated:
17/11/2023

Around 32% of people aged 50 to 79 years old consider themselves vulnerable due to factors like lack of savings, poor health, high bills and credit commitments or mental health, a survey has found.

According to research by later life lending specialist LiveMore, which polled around 500 homeowners, approximately 47% attributed their perceived vulnerability to having little or no savings.

Almost two in five pointed to poor health, whereas 35% 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.

Doing better by our customers

Leon Diamond, CEO and founder of LiveMore, said: “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.”