One in six people (16%) would be too embarrassed to seek financial support should they need it, Bluestone Mortgages reveals.

The research found that 31% don’t think they would be eligible to receive support, 22% wouldn’t even know where to begin and 11% are worried about the impact on their credit score. 

At a time when 24% of UK adults are concerned about their mortgage repayments, the findings also reveal a lack of awareness and understanding of the support options available. 

Nearly a third say they have no awareness or understanding of how a financial organisation such as their lender or energy provider could help them if they ended up in financial hardship.

Over half (52%) are unaware of government-backed support services such as MoneyHelper, 29% are unaware of the support a debit adviser could offer and two-fifths say the same about the local council. 

Bluestone Mortgages chief executive Steve Seal comments: “As the cost-of-living crisis continues to intensify, we expect to see a growing cohort of customers locked out of the mainstream mortgage market as they do not fit the ‘vanilla’ criteria.”

Haysto mortgage expert Satnam Sidhu adds: “Advisers have a very important role to play to support those who are embarrassed about their financial situation.”

“The first task is to create a non-judgmental and safe place for the customer to discuss any life experiences and credit issues. Doing this reduces the embarrassment and anxiety levels and helps focus on what the customer wants to achieve.”