Many customers who don’t fit the high street still have a strong case; they just need a more human approach to underwriting and a lender who looks for reasons to say yes rather than no.
In our upcoming series, we’ll explore five common just-off-high-street customer types who may be best suited to Pepper Money. These are often applicants who have been declined elsewhere, but with the right approach, can get the mortgage they deserve.
Each week, we’ll break down a different scenario, including case scenarios, why the customer may have been declined, and how our criteria can help you find a solution.
We’ll cover a range of topics, starting with shared ownership, before moving on to self-employed, interest-only, and more.
To give you some background on why these segments are so important to brokers right now, we’ve compiled key findings from our Specialist Lending Study to bring the challenges customers face to the forefront. And, importantly, why the role of brokers is so critical in supporting them with their mortgage aspirations.
- 17% of UK adults find the mortgage process daunting
- 24% of UK adults lack confidence when comparing financial products
- 55% of UK adults worry their debt will impact mortgage approval
- 85% of Gen Z still aspire to own a home. However, lower aspiration among older groups suggests many feel ownership is out of reach
- 68% of potential buyers expect to need over a 10% deposit or are unsure, highlighting a need for better education on low-deposit options
- Financial pressure is significant, with 8.4 million working days lost – costing the UK economy an estimated £860m
Look out for more information over the coming weeks, where we’ll showcase five customer scenarios and how you can support them.