The Money Group calls for industry to support lenders
The Money Group is calling for the industry to support all lenders during the coronavirus pandemic.
The group points the government-initiated shutdown of the sector, resulting in many lenders across mainstream and specialist lending altering criteria or withdrawing products.
Scott Thorpe, director and co-founder of The Money Group, said: “The lenders are currently dealing with the perfect storm of declining market conditions, an isolated staff, helping support businesses and customers whilst also dealing with up to 10,000 calls a day from people asking for a payment holiday.
“It is disappointing when any market deteriorates quickly, even more so when it is linked with people refinancing or trying to purchase a new home.
“But no lender has asked to be put in this position and with job security now volatile, lenders have to lend responsibly and while they have a duty of care to their customers they also have a duty of care to their shareholders, their staff and the wider economy.
“We have therefore put a blanket ban across TMG to not publicise anything directed at lenders unless it is support and encouragement and we ask other firms to now do the same.
“We are confident that the market will come roaring back in due course. But, in the interim, some lenders may exit the market temporarily or restrict lending.
“If that is the case lets rally around them and let them know we will be there for them once normality returns.”