Helping the credit challenged get mortgage ready

A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.

Research indicates that 14.8 million people in the UK have experienced adverse credit at some point, with 8.4 million affected in the past three years alone. For any mortgage broker, this growing segment of credit challenged borrowers represents not only a need for specialist support but also a significant opportunity to add real value.

In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney. Together, they unpack what it means to be credit challenged, the influence of the Buy Now Pay Later culture, how lenders are adapting, plus the lasting impact pandemic and the cost of living crisis.

They explore the role of specialist lending, the value of personalised advice, and how brokers can play a vital role in helping credit challenged borrowers not only access responsible mortgage solutions but also work towards a path back to prime.

With more people seeking debt advice and lenders introducing products tailored to meet complex credit needs, this episode dissects current market trends and offers practical insights into delivering better client outcomes.

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