Which is a coordinated and heavyweight plan designed to educate brokers and consumers about the availability of mortgages products for those who do not have a perfect credit history.
An estimated 2.1 million people received a CCJ in the last three years and an estimated 4 million people missed at least one credit card payment in 2010 alone.
The lender estimates that up to 1 million people have missed a mortgage payment in the last three years, and that a very large percentage of the 10 million residential mortgage borrowers have experienced some kind of credit problem that will be enough to prevent them from being able to get a mortgage.
High Street banks increasingly focus on borrowers with ‘perfect’ credit histories and a 40% plus equity stake.
Alan Cleary MD of Precise Mortgages asks:
“How are we going to get away from this dysfunctional market if all lenders act like the big banks? The whole housing sector seems like it is running at rates last seen just after WWII.”
The lender will be issuing a series of announcements and innovations between now and August and the campaign intends to highlight the plight of the consumer as well as the mortgage broker.
