New guide aims to help brokers recognise economic abuse

Accord Mortgages has launched a new guide for brokers to empower them to spot signs of economic abuse and take action to help their clients.

The new guide, entitled ‘Economic Abuse and Mortgages: what brokers need to know and how to respond’ has been produced in collaboration with Surviving Economic Abuse.

The guide, part of Accord’s Growth Series, a library of free educational content for brokers, aims to help brokers to recognise the signs of economic abuse, respond appropriately and know where specialist support is available. 

It has been created in recognition of the scale of the problem, with 4.2 million women experiencing economic abuse in the last year, and 750,000 women experiencing joint mortgage economic abuse.

Mortgage brokers are recognised as playing a key role at the front line, identifying situations where financial control affects a client’s ability to manage their mortgage or wider finances, especially as one third of those affected do not share details of their abuse. However, when they do, are likely to tell someone who works in financial services (23%).

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.

“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.”