05 December 2016
The market for mortgages designed for borrowers who have experienced financial difficulties is not one that’s going to disappear any time soon.
Consider the following facts compiled by The Money Charity (Nov 2016):
- 264 people a day are declared insolvent or bankrupt. This is equivalent to one person every 5 minutes 28 seconds.
- 2,102 Consumer County Court Judgments (CCJs) are issued every day, with an average value of £2,030.
- Citizens Advice Bureaux in England and Wales dealt with 4,077 new debt problems every day during the quarter ending June 2016.
- 48 mortgage possession claims and 34 mortgage possession orders are made every day.
- 370 landlord possession claims and 306 landlord possession orders are made every day.
- 17 properties are repossessed every day, or one every 1 hour and 26 minutes.
- 1,322 people a day reported they had become redundant between June and August.
That’s the bad news. The good news is that many people who experience financial difficulties get their finances back on-track and lead normal lives thereafter.
But with a tarnished credit record, obtaining mortgage finance can be difficult. Which is where Pepper Homeloans can help. They have products designed for borrowers who can’t easily obtain mortgages from high street lenders.
Check out their website.