Mortgage Talk aims to improve education

Ramesh Sharma

April 15, 2006

Mortgage Talk launched its Financial Coaching service on 20 February, with the aim of helping clients get the best out of the financial market. With the help of an independent financial coach, clients are given targets and guidelines to help them achieve their financial goals.

Andy Frankish, managing director at Mortgage Talk, said the two-year programme, available at £1,495 was a service that would educate clients about how best to manage finances and would give them the knowledge to get the best deals for the rest of their life. He said: “Due to increasing consumer debt and the ‘get now, pay later’ attitude of consumers, financial coaching is a good program. We found that many people had increased, rather than decreased their mortgage debts after two or three years and this was a worry. We launched on 20 February and aim to give the best advice from a long-term perspective.”

Frankish admitted the bespoke service would not suit everyone but expected between 15 to 20 per cent of the Mortgage Talk client base to be interested in the product.

Verona Poyner, who heads the coaching team at Mortgage Talk, added: “The first question we ask is, ‘what does debt mean to you?’ Very few people see mortgage as a debt. Financial Coaching gives people the opportunity to manage debt and finances more proactively and turn the traditional approach on its head.”

Mike Lloyd, head of sales at Mortgage Bureau UK, said the service would benefit customers. He said: “I think it’s a great idea to promote financial education, and this matches what other firms have been trying to achieve when going into schools to talk about financial health. In that instance it is prevention rather than cure, but anything like this should be welcomed.”

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