Recent research from Pepper Money reveals that over 15 million people in the UK have faced adverse credit at some point, marking a significant rise in financial challenges. The 2024 Specialist Lending Study indicates that 29% of adults have experienced such issues, with 8.4 million individuals reporting adverse credit in the last three years alone—a 21% increase from the previous year. Alarmingly, nearly half of those who missed payments have done so multiple times, highlighting the ongoing financial strain many households face. Despite these hurdles, there remains a strong aspiration for homeownership, with 1.76 million people with adverse credit planning to buy property within the next year. This presents a unique opportunity for mortgage brokers, who can leverage insights from the study to better support potential buyers navigating this complex landscape. Brokers are positioned to help clients achieve their homeownership dreams, even when traditional lenders may turn them away.
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