Pepper Money has unveiled its 2023 Specialist Lending Study, offering brokers comprehensive research on factors affecting their current and potential mortgage customers.
This year’s study, conducted by YouGov in September with over 6,000 UK adults, delves into issues like adverse credit and the cost-of-living crisis.
Key findings include that 15.16 million people in the UK have a history of adverse credit, such as missed credit payments or entering a Debt Management Plan.
Additionally, nearly half of those who have missed one credit payment have subsequently missed more.
The study also reveals that 13% of those with adverse credit in the last three years plan to purchase a property in the next 12 months, translating to around 900,000 potential mortgage customers with adverse credit in the coming year.
However, 84% believe the current economic climate will make securing a mortgage more challenging.
Brokers can access the 2023 Pepper Money Specialist Lending Study for more insights at pepper.money.
Paul Adams, sales director at Pepper Money, commented on the study: “The 2023 Pepper Money Specialist Lending Study has been our most comprehensive research to date and has provided more insights than ever before.
“It’s clear that the cost-of-living crisis is taking its toll and is impacting those people with adverse credit the hardest. It paints a picture of challenge, but it also paints a picture of opportunity.
“Because it’s circumstances like these that are the reasons why lenders like Pepper Money exist. We work hard to develop the insights into what customers need, and we devise our proposition around those insights – not just our products and criteria, but also our service and the way we communicate throughout the process.
“We aren’t alone in our sector, and there remains good opportunities for people to continue to work towards their objectives when it comes to their home and mortgage.
“The secret to unlocking these opportunities is professional advice, and there has been no clearer call to action about the important role that mortgage brokers have in reaching out to new and existing customers to ensure they are able to make a positive difference to as many lives as possible.”
The 2023 Pepper Money Specialist Lending Study is available to download now at pepper.money
