Accord’s Growth Series has launched a new guide aimed at helping mortgage brokers recognise and respond to signs of economic abuse, developed in collaboration with Surviving Economic Abuse.
The guide, titled ‘Economic Abuse and Mortgages: what brokers need to know and how to respond’, is designed to equip brokers with the knowledge to identify red flags, understand how abuse can present in mortgage cases and signpost clients to appropriate support services.
The initiative reflects the scale of the issue, with an estimated 4.2 million women experiencing economic abuse in the past year, including around 750,000 affected by joint mortgage-related abuse.
Brokers are increasingly seen as being on the frontline, particularly as many victim-survivors disclose abuse to financial services professionals.
Andrew Calder, strategic partnerships and propositions manager at Accord, said: “We’re committed to raising the profile of economic abuse.
“We believe that, as an industry, our role is absolutely crucial, and that colleagues across all parts of the intermediary market should be aware of their role in combatting it.
“We’ve created this guide to support firms who might not have the resources to research this topic in detail, including red flags, moments to pay attention to, how economic abuse can appear in mortgage applications, and where to direct victim survivors for support.
“The Growth Series was launched to support brokers and help them to grow their business – understanding how best to support clients in difficult situations is a key part of this.”
Lauren Garrett, head of financial services at Surviving Economic Abuse, said: “Around 750,000 women in the UK are experiencing joint mortgage economic abuse, where an abusive current or ex-partner refuses to pay their agreed share, consent to more competitive terms, or agree to sell up, driving survivors into debt and homelessness.
“Mortgage brokers are uniquely positioned to spot the signs and help survivors access support.”
She added: “We’re proud to support Accord Mortgages in developing this practical new guide, which helps brokers recognise economic abuse in mortgage cases and signpost survivors to information and services. A supportive response can help a survivor reach safety and rebuild their economic independence.
“At Surviving Economic Abuse, we’re ready to work with the mortgages sector to equip professionals with the training, policies and processes they need to improve identification and support, close gaps exploited by abusers, and help end economic abuse for good.”