Accord has published a guide to help brokers identify signs of economic abuse and ways to support clients.
The guidance has been published through its Growth Series, a free resource of educational content for brokers.
The guide, Economic Abuse and Mortgages: what brokers need to know and how to respond, has been produced in partnership with UK charity Surviving Economic Abuse. The charity raises awareness of economic abuse while supporting various organisations to recognise this form of domestic abuse and have the tools to support victim-survivors.
It has been published in response to research that shows 4.2 million women experienced economic abuse last year, and 750,000 women were experiencing joint mortgage economic abuse.
Accord said mortgage brokers played a key role in identifying situations where financial control could affect a client’s ability to manage their mortgage or wider finances, particularly as a third do not share details of their financial abuse, but when they do, 23% are likely to speak to someone working in financial services.
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.
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“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.
“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.”
To access the guide, visit: https://info.accordmortgages.com/growth-series-sign-up