That’s according to the latest Pepper Money Specialist Lending Study, which revealed that over 15 million people have missed payments and experienced adverse credit.
It’s the highest number since Pepper Money started reporting this data five years ago.
The research also found that 8.4 million people (16%) have experienced adverse credit in the last three years alone, another record high for the survey, and an increase of 21% compared to 2023.
Of those who say they’ve missed a credit payment, nearly half (46%) admit they’ve gone on to miss more than one.
Homeownership ambitions
The study also found that 1.76 million people with adverse credit are planning to buy a property in the next 12 months.
Rob Barnard, director of intermediary relationships at Pepper Money, said: “8.9 million people have experienced adverse credit in the last three years alone. Despite these challenges, there’s still a strong desire for homeownership among those with adverse credit, with 64% of those who don’t currently own a home saying that they aspire to do so in the future – and 1.76 million people with adverse credit are planning to buy a property in the next 12 months.
“This research suggests that an increasing number of people are going to miss out on a mortgage from a high street lender – but this doesn’t need to stand in the way of their goals, and brokers are best placed to help those customers secure the mortgage they need to live the lives they want.”
Related: Quarter of mortgage holders use credit to pay for borrowing
