Rise in broker searches for missed or late payment mortgages
There has been a rise in the number of brokers using Knowledge Bank, the mortgage sourcing platform, to search for lenders willing to accept applications from borrowers with missed or late payments.
According to Knowledge Bank's data-tracking system, searches for "missed or late payments" appeared in the top five most-searched mortgage queries for the first time in May.
While the cost of living is rising, and many are struggling financially, borrowers often do not realise the drastic effect missed credit cards, loans, or mortgage repayments can have on their finances.
Aaron Strutt, product director at Trinity Financial, says: "Banks and building societies may potentially accept the odd missed payment, but they are unlikely to be forgiving if you miss many more. Especially if you are applying for their cheapest mortgages.
"We regularly speak to people who missed credit card, mortgage or Paypal payments, and either end up taking an expensive adverse credit mortgage or being unable to secure an affordable mortgage altogether."
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