Charity and banks aim to stop abusive ex-partners using mortgages as ‘weapon'
A charity is teaming up with banks to help prevent people being pushed into homelessness by abusive partners or ex-partners using joint mortgages as a "weapon".
HSBC UK, First Direct and the domestic abuse charity Surviving Economic Abuse (SEA) will work together to prevent opportunities for economic abusers.
Economic abuse in couples involves a current or ex-partner controlling a victim-survivor's money with long-lasting and damaging effects. Some people end up in debt and lose their home and job.
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SEA will deliver training to HSBC UK and First Direct staff, helping them to spot the signs of economic abuse and support customers who are experiencing it.
The charity will also work with mortgage teams to identify opportunities and test approaches to improve support for customers experiencing joint mortgage economic abuse.
Sam Smethers, interim CEO of SEA, said abusers are "weaponising" joint mortgages to devastate people's lives, adding: "Many end up trapped with the abuser or facing homelessness and destitution.
"Together with HSBC UK, we'll support them to help victim-survivors take control of their finances and safely rebuild their lives."
Jose Carvalho, head of wealth and personal banking at HSBC UK, said: "All providers in the finance industry and beyond have a role in tackling this issue and we are proud to partner with Surviving Economic Abuse to strengthen protections for those affected.
"By working together, we can help ensure that no one is forced into homelessness or financial hardship due to an abusive partner's actions – giving victim-survivors the support they need to regain control of their finances and rebuild their lives."
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