A recent YouGov survey has revealed concerning statistics about mortgage payments, indicating that 23% of mortgage payers claim they will probably encounter challenges in keeping up with their payments, with an additional 11% saying they will definitely struggle. Currently, approximately 1.5 million Brits hold variable mortgages, while another 1.4 million are on fixed-term deals that are set to expire by the end of this year.
Due to this, millions are likely to be exposed to costs associated with heightened interest rates, potentially resulting in payments amounting an additional £520 per month. Worryingly, the Financial Conduct Authority (FCA) has projected that over the next two years, more than 750,000 households in the UK could be at risk of defaulting on their mortgage payments.
Notably, mortgage defaults in the second quarter of 2023 surged to levels not seen since 2009. In light of this, Eligible, the UK’s leading AI servicing tool used by Britain’s mortgage lenders, addresses what banks can, and should be doing, to track the vulnerability of their customers defaulting months before it happens.
These challenges are compounded by the research by the FCA indicating that close to half the population reportedly have low confidence when it comes to making decisions surrounding money, and as many as three-quarters of consumers have admitted to feeling anxious when interacting with mobile banking services, there is an increasing need for communication that is timely and presented in accessible format. Eligible works as an AI-driven insight tool, facilitating meaningful and timely conversations, that revolves around tailored financial support.
Used by a host of Britain’s leading lenders, the white-label platform works by using AI technology to analyse customers’ financial and behavioural data to predict what information they need to best support their financial situation. Using this data, banks can make sure that the information their customer receives is relevant and personalised supporting them in making informed decisions about financial products and services.
