Are you a Vulnerable customer?
Being classed as a vulnerable customer is nothing to be ashamed of or embarrassed about. When you read up on what our governing body the FCA classes as a vulnerable customer it is quite possible everyone could fall into that definition at some point in their life.
What makes you a vulnerable customer?
Quite simply anything that could affect your decision making.
The FCA have split vulnerabilities up into 4 categories.
Health - This could be short term or long term health problems. Health issues can affect your decision making ability, sensory issues (hearing, seeing etc) may increase the chances that you may miss something important. Mental health problems may mean you choose an option that is not in your best interests long term.
Life Events - This could be ill health, bereavement, employment changes, relationship problems. All of these may see you make rash decisions without the consideration that taking out a mortgage requires.
Financial Resilience - Do you have a low income? Is your income sporadic (0 hour contracts or sporadic bonuses for example)? Do you have a small amount of savings or a lot of debt? All of these could put you under financial pressures. Again, this could result in you choosing something that only benefits you in the short term and kicks a can down the road.
Capability - This could be things like inexperienced in financial matters, it could be that English is not your first language or lack of people on hand to help and support you.
As you can see, it is quite easy to fall into this list. Some people may always be classed as vulnerable, some people may never enter this list, but most people will probably fall into the definition of vulnerable at least once in their lifetime. However, falling into one of these categories does not necessarily make you vulnerable, it just means there is an increased possibility you could be.
What should you do if you do fall into this list?
Take a step back and have a think. Do you think you are classed as vulnerable or that you could be?
If you do we would recommend one of 2 things.
The first would be to have a think about whether or not we are the best option for you. As an online only mortgage broker we may struggle to give you the level of service you need. We will of course always do our best to do the right thing, but that can sometimes be a case of admitting we are possibly not the best option for you.
The second is to tell us. When you register with us, you will be provided with your own customer portal. On there, you will be provided with a way to message your case manager, let them know. We will always endeavour to go the extra mile where needed.
Adverse Online is a fully online bad credit mortgage broker offering the convenience and speed of online mortgage application completion and processing but with the quality assurances you would expect from a mortgage broker authorised and regulated by the Financial Conduct Authority.
Whether you want to apply for a Bad Credit First Time Buyer Mortgage , Bad Credit Home Mover Mortgage or a Bad Credit Remortgage , we have a range of adverse credit mortgage products for you and an initial decision in principle can be achieved in less than 15minutes.