UK mortgage lenders have kicked-off a £5m multi-media advertising campaign to make consumers aware of the help available for those struggling with loan repayments.
It comes after senior figures from the UK’s largest banks met with chancellor Jeremy Hunt on 23 June, asking them to make it easier for borrowers to make temporary changes to their mortgage terms.
UK Finance – the trade body representing the majority of UK lenders – commissioned M&C Saatchi to design the new Reach Out campaign. The campaign is to run on TV, radio, print, digital and out-of-home sites such as billboards.
“Lenders have responded to interest rate pressures with real support for customers in need,” said Clare Richardson, business director at M&C Saatchi. “The campaign will deliver this message, at pace and scale, to people who are concerned.”
Giles Mason, director of campaigns at UK Finance said the campaign is designed to get borrowers to seek assistance at an early stage if they are becoming worried about making repayments.
Media agency Goodstuff is handling the media planning and buying for the campaign.
David Postings, chief executive of UK Finance added: “We have launched this campaign with our members to make sure that anyone struggling with their mortgage payments knows that help is available.
“Lenders are ready to provide support even if a customer’s payments are up to date – if you’re struggling with your mortgage, or think that you will struggle, Reach Out to find out the options available for help.”