On Thursday, 26th of October, Pepper Money proudly unveiled the eighth edition of our Specialist Lending Study at an exclusive event in London, attended by business leaders, distributors, and journalists.
The launch of this year’s study provides crucial insights into the financial challenges faced by UK households, particularly those with adverse credit. The study revealed that 8.38 million people (16%) have experienced adverse credit in the last 3 years, which is also the highest number since Pepper began recording the data, representing an increase of 21% in 2023. And, of all those who say they’ve missed a credit payment, nearly half (48%) say they have gone on to miss more than one payment.
The evening featured a riveting panel discussion hosted by Sales Director Paul Adams with renowned economist Trevor Williams, industry leaders Andrew Montlake from Coreco, and Liz Syms from Connect Mortgages. The panel discussed persistent myths surrounding mortgages and revealed surprising misconceptions that often hinder potential homebuyers from pursuing their home.
Moving forward, it’s clear that while challenges exist, the aspiration for homeownership remains strong, as 1.76 million people with adverse credit plans plan to buy a property in the next 12 months. The study not only highlights the challenges but also showcases the opportunities for brokers to make a significant impact and educate customers about all the options available in the specialist lending market.
Rob Barnard, Director of Intermediary Relationships at Pepper Money, emphasised the significance of our findings:
“The latest Pepper Money Specialist Lending Study shines a spotlight on the scale of the financial challenge faced by the nation’s households. Despite these challenges, there’s still a strong desire for homeownership among those with adverse credit, with 64% of those who don’t currently own a home saying that they aspire to do so in the future.
Amidst these challenges, there’s a significant opportunity for brokers to make a real difference in people’s lives, and the findings of our study can provide valuable insights for UK mortgage advisers, helping them to better support potential homebuyers and address their unique needs in an increasingly complex financial landscape.”
Rob Barnard
Director of Intermediary Relationships
For those who couldn’t join us, don’t worry! We will be sharing key insights and snippets from the study over the upcoming weeks. Plus, you can catch a glimpse of how the night unfolded by viewing our gallery below.