Brightstar Financial is launching a campaign to help what it has dubbed ‘credit crushed’ borrowers.
The specialist distributor’s ‘Could You? Would You? Should You?’ campaign is designed to raise awareness of what it believes are the thousands of borrowers who wrongly believe they can’t get the finance they need.
It sees ‘credit crushed’ borrowers as those who are turned down for mainstream deals, or have complicated requirements but are unaware of the specialist options available to them meaning they don’t get the finance they need.
Research from Magellan Homeloans suggests that in 2016 there were 350 declines a day for the mortgage sector alone. This does not include those turned down before application or declines from various other property loan sectors.
Brightstar says it will be launching a lobbying campaign and producing detailed research on broker and consumer trends. It says that while the majority of brokers are doing “a fantastic job”, its experience is that there is still a significant minority that are closing the door unfairly and on that basis it will be petitioning for the regulation of advice via the FCA and the Treasury.
“This campaign means supporting credit crushed borrowers across the specialist loan market. This goes beyond mortgages,” said Michelle Westley, head of marketing at Brightstar Financial.
“It means telling the FCA and Treasury to fix their rules to ensure all borrowers are given access to professional advice on the full range of options, not just mainstream products.
“And it means educating consumers about the role of specialist finance and the innovative solutions available to them.”
