adverse credit
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57% of homebuyers with adverse credit would seek the advice of a broker to find the right mortgage, up from 40% six months ago, according to recent research carried out by YouGov on behalf of Pepper Money.

The study found that 57% of all adults who have experienced adverse credit in the last three years and are intending to purchase a property in the next 12 months would go to a mortgage broker to source a mortgage for them.

When it comes to finding a broker, 54% say they would carry out online research, which is up from 49% in the last report.

34% say they have an existing relationship with a mortgage broker, down from 44% last autumn and 48% would ask friends and family for recommendations, which is up from 36%.

Paul Adams (pictured), sales director at Pepper Money, said: “It is very encouraging that a growing number of people with specialist mortgage requirements understand the benefits of seeking professional advice, and we have seen a real surge in awareness over the last six months.

“We have also seen an increase in the number of people who would go online to find a broker and also a decrease in the number of people who say they have an existing relationship with a broker. This could possibly be due to an increase in the number of first-time buyers. Whatever the reason, it is clear that there is significant opportunity for brokers with a strong online presence to take on new clients.

“There are, however, still many potential homebuyers with adverse credit, who would go directly to a high street lender or seek advice from friends and family and these avenues may lead to them thinking that they have no opportunities to secure a mortgage. So, we still have plenty of work to do to raise awareness and understanding amongst customers, and potential clients for brokers.”

By Kevin Rose

Source: Best Advice

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