Around 29% of adults say that previous blips in their credit history have limited their ability to secure a mortgage, a report has found.
According to Bluestone Mortgages‘ research, which surveyed around 2,000 adults – of which 493 adults had one or more adverse financial event – approximately 14% of consumers have been turned away from a mortgage lender, rising to 38% among those with adverse credit.
A quarter of those with adverse credit whose mortgage was declined said they weren’t offered access to a specialist lender, showing a lack of signposting in the industry.
A fifth of consumers said that they felt like they had been discriminated against by lenders due to their credit history, going up to more than half for those with adverse credit history.
Around 28% of adverse credit customers said that they did not feel confident about securing a mortgage, compared to 12% for those without.
A quarter said they feel completely confident in their ability to secure a mortgage, falling to 5% for those with adverse credit.
Ryan Davies, strategy director at Bluestone Mortgages, said: “Customers with adverse credit histories face significant obstacles in their journey to secure a mortgage. These challenges are not isolated incidents but a common experience for a growing cohort of the UK population.
“With missed payments on the rise and consumer confidence down, brokers must be prepared for the growing number of adverse credit customers looking for specialised support and direction.
“It is our responsibility to champion these consumers, ensuring they receive the support and resources they need to improve their credit history and achieve their homeownership goals. Together, we can make a significant difference in addressing the disparities in mortgage accessibility for those with adverse credit.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
