The Income Protection Task Force has given its full backing to the announcement by Pink that they will in future ask every mortgage applicant to examine with them the impact on their finances were they to lose their job or become ill.
The announcement by Pink followed a series of workshops around the country and the unanimous verdict from the advisers they spoke to that this was the right way to proceed.
Peter Le Beau, Chairman of IPTF, commented, ‘We would like to congratulate Pink on a very responsible and much needed approach to assessing the financial vulnerability of their clients. This has been missing in the process for helping people to take out home loans in very many circumstances. Their approach is enlightened and socially responsible and we applaud it and urge other mortgage advisers to make this standard industry practice’.
Roy Mcloughlin, a leading protection adviser and a member of the IPTF executive said ‘I am delighted with the approach Pink are taking to assessing customer need and the rightful emphasis they are placing on financial vulnerability should their customers suffer Ill-health. Every adviser must take this into account when assessing the options for any customer wanting a mortgage. It is good practice and should be followed throughout the industry’.