It’s estimated that around six million people in the UK have adverse credit. The pandemic has made the situation worse, and the hardest-hit demographic is the 18-34 age bracket - precisely the people who were already struggling to get on the property ladder.
For brokers like you, it’s an opportunity as well as a challenge. And we’ve just published an in-depth report about it.
Anything that negatively impacts credit score and makes the high-street lenders reluctant to offer a mortgage is adverse credit. It could be formally recognised by CCJs, or it could just be a missed utility bill or a credit-card debt that’s got a little out of hand. Whatever the size and shape of adverse credit, it can wreck home-buying plans.
Our new report explains the triggers for adverse credit, and shows just how many Brits - especially young or self-employed Brits - could be missing out because of it.
As an intermediary working with TML, you could be in a unique position to help clients overcome the hurdle of adverse credit. Because we look at each case you send us, individually and manually, we can often consider cases when the big high-street lenders won’t - largely because they base their decisions on automated credit scoring.
6 million Brits is a huge potential market, just waiting for someone like you to help.