Paul Adams

57% of homebuyers with adverse credit seek broker services

Almost three-fifths of homebuyers (57%) with adverse credit would seek advice from a broker, an increase from 40% six months ago, according to the latest study.

The research — carried out by YouGov on behalf of Pepper Money — was based on homebuyers who had experienced adverse credit over the past three years and were intending to purchase a property over the next 12 months.

The specialist lender revealed that, when it came to finding a broker, 54% of respondents claimed they would carry out research online, up from the 49% recorded in the last report.

Just over a third (34%) said they had an existing relationship with a mortgage broker, down from 44% last autumn, while 48% would ask friends and family for recommendations, up from 36%.

“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 past six months,” said Paul Adams, sales director at Pepper Money (pictured above).

“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.”

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