Charity warns joint mortgages can be weaponised by domestic abusers
Joint mortgages can trap abuse victims in debt, SEA calls for new laws
Domestic abusers can exploit joint mortgages to harm their current or former partners, a charity has cautioned. Surviving Economic Abuse (SEA) revealed that survivors often face mortgage arrears, damaged credit ratings, and housing instability. Abusers sometimes render victims homeless by refusing to pay, changing terms, or selling joint properties.
One woman shared her plight with the charity, stating she remains tied to a joint mortgage with her ex-husband, despite leaving him ten years ago. “I can’t sell the property without his consent, and he can stop me from making mortgage payments by withholding child support,” she explained. “My children and I are trapped in a mortgage prison.”
SEA’s interim chief executive, Sam Smethers, has called for new laws to protect victims and urged financial institutions to prevent abusers from using joint mortgages to inflict harm. “Mortgage abuse is a hidden crime affecting hundreds of thousands,” he said. “Banks are limited in their ability to prevent abusers from trapping survivors in debt and homelessness. Only a law change can effectively address this issue. We urge the government to establish an economic abuse task force.”
Abusers are using joint mortgages to devastate the lives of 750,000 UK women. They make it harder for survivors to flee and plunge them into homelessness and debt. Only a law change can stop abusers. pic.twitter.com/pzZaIfzooB
— Surviving Economic Abuse (@SEAresource) September 11, 2024
The report, “Locked into a Mortgage, Locked out of my Home,” included a survey by Opinium of over 1,000 women with joint mortgages. It found that 78% of women who experienced mortgage abuse were afraid to leave due to unsafe living conditions. Twelve percent reported experiencing some form of abuse, and nearly half had to reduce essentials to pay their mortgage. Nine in ten reported mental health issues, with 89% experiencing anxiety, depression, panic attacks, or suicidal thoughts.
Fiona Turner, head of vulnerability policy at UK Finance, acknowledged the need for more action with support from regulators and the government. She suggested that mortgage lenders review their policies to offer more flexibility to victims dealing with joint mortgages, and called for a government task force to address related legal issues.
A government spokesperson recognised the severe impact of financial and economic abuse and noted that £200,000 is being provided to SEA this year to raise awareness and support victims. The spokesperson also highlighted the importance of the mission to halve violence against women and girls within a decade.
What Other Media Are Saying
- Yahoo Finance reports that domestic abusers are weaponising joint mortgages, leaving survivors trapped in “mortgage prisons,” with 12% experiencing abuse and 78% unable to leave due to financial implications.(read more)
- Sky News reveals that joint mortgages can be used as a “weapon” by domestic abusers against current or former partners, warned by a charity.(read more)
- The Guardian reports on Sally James’s experience of being abused twice: first by her partner and then by Barclays, highlighting the financial control and economic abuse faced by many women.(read more)
Frequently Asked Questions
Here are some common questions asked about this news
How can joint mortgages be used as a ‘weapon’ by domestic abusers?
Abusers can refuse to pay, agree to new terms, or sell the property, causing financial harm and homelessness.
What are the consequences for victims of mortgage abuse?
Victims face mortgage arrears, low credit ratings, housing and economic insecurity, and mental health issues.
What changes are being called for to protect victims of mortgage abuse?
SEA calls for new laws and a government task force to prevent abusers from weaponizing joint mortgages.
What percentage of women felt unable to leave due to mortgage abuse?
78% of women who experienced mortgage abuse felt unable to leave for fear of unsafe living arrangements.
What support is being provided to raise awareness about financial and economic abuse?
The government is providing £200,000 this year to Surviving Economic Abuse to raise awareness and support victims.
