Research shows huge annual rise in adverse credit searches
March 4, 2024 by Brendan O'Neill
Surveys and Statistics
Last year brought a massive rise in the amount of searches by mortgage advisors using the Twenty7tec platform for products suitable for borrowers with credit issues, the company has revealed.
New data that has been issued by Twenty7tec shows that searches of that nature on its platform went up by 90.7% over the course of 2023, in comparison to the year before. The company joined forces with specialist mortgage lender Pepper Money to conduct a study of the ways in which advisors used the platform to source products during that period.
What the results reveal is that, alongside that very big rise in annual searches for products that will suit those with credit issues, searches related to credit issues were dominant last year. When it comes to the top Twenty7tec criteria searches of 2023, credit issue criteria made up 26.77%.
Satisfied County Court Judgements (CCJs) and credit payment misses were among those criteria searches.
Nakita Moss from Twenty7tec stated to Financial Reporter that last year had marked the busiest the platform had yet seen for mortgage searches, going past the total for the previous year by November.
She then added:
“In 2023, we saw a notable surge of 90.7% in the actual number of adverse credit criteria searches, marking it as the predominant criteria selections used by advisors on our platform.”
An increasing number of those with CeMAP mortgage advisor training are turning to specialist lenders as the way to help people with credit issues to get mortgages.
Written by
Brendan O'Neill
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