The events of 2020 have brought the specialist lending mortgage market into the mainstream and as we emerge from the pandemic, millions more borrowers will need the support of lenders that are willing to help them despite their complex circumstances.
The housing affordability crisis in the UK has escalated in recent years, placing the chance of homeownership further out of reach for many of those who aspired to get on the housing ladder.
The coronavirus pandemic has only served to exacerbate this, with impaired credit records, job loss and missed payments more commonplace than ever before.
Solving the challenges faced by Generation Rent and the subsequent problems brought about by the coronavirus pandemic is not impossible, but it does require greater collaboration between lenders and advisers to help Britain’s underserved borrowers.
There is a real opportunity to deliver purposeful propositions that change mortgages for good and truly meet these borrowers’ needs to help more people find a safe place to call home.
However, it requires all parties to work together to help create and provide solutions for consumers who have been underserved and overlooked for too long.
Louisa Sedgwick is managing director, mortgages, at Vida
