A growing number of people are at risk of being locked out of the mainstream mortgage market as the cost-of-living crisis takes hold, Bluestone Mortgages has warned.

Research by the complex credit mortgage lender suggests that industry engagement will be essential as many people are reluctant to ask for help or are unaware of the options available to them.

Bluestone’s survey revealed that over half of respondents (52%) were not aware of government-backed support services such as MoneyHelper, and nearly a third (29%) were similarly unaware of the support a debt adviser could offer.

The survey also found that 16% of people would be too embarrassed to seek financial support should they need it, while 31% said they didn’t think they would be eligible to receive support. Over a fifth (22%) said they wouldn’t know where to begin, while 11% would be worried about the impact on their credit score.

With nearly a quarter (24%) of UK adults concerned about their mortgage repayments, Steve Seal, CEO of Bluestone Mortgages, called on the industry to highlight the options available to customers.

“As the cost-of-living crisis continues to intensify, we expect to see a growing cohort of customers locked out of the mainstream mortgage market as they do not fit the ‘vanilla’ criteria,” he said. “For those who find themselves in this situation, it’s important to remember that there is help at hand and early engagement is key.

“While many customers may be embarrassed to speak about the state of their finances, the earlier they can engage, the more tailored support they will receive. Whether that be support directly from the lender, or being signposted to a debt adviser who can help them get their finances back on track, it’s important that we as an industry highlight the support options available so that we can deliver a fair customer outcome which takes into account a borrower’s individual situation,” Seal added.