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Expats, adverse credit and contractors among popular broker queries in Q4

  • 17/01/2022
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Expats, adverse credit and contractors among popular broker queries in Q4
Expat lending, adverse credit and employees with irregular work patterns were some of the top broker queries in the final quarter of last year.

According to the latest quarterly figures from Primis Mortgage Network’s product desk, there were 6,075 queries in Q4, which was slightly down from 6,413 queries in Q3.

Expat lending, which covers residential, buy-to-let (BTL) borrowers and foreign income lending, surged in Q4. This was partially attributed to several lenders bringing back high loan to value (LTV) BTL mortgages for expats and a softening of criteria to apply for these products.

Adverse credit queries also experienced an increase, with the report adding that there was “significant appetite” among lenders to help these kinds of borrowers.

It continued that there was a wide range of mortgages on offer to cater for these borrowers with more complex financial circumstances.

Primis said some lenders were offering higher LTVs for self-employed borrowers and others had cut the period for which earnings had to be shown, which made mortgages more accessible.

Queries for contractors and agency workers with irregular work, or those who had not been in the same line of work in the past 12 months, also grew.

Primis said this was because the pandemic had caused some people to take on new full-time or part-time work to supplement their come.

It added that some lenders had relaxed their criteria for freelancers and some would also accept those who had made use of the Self-Employed Income Support Scheme.

Vikki Jefferies (pictured), proposition director at Primis, said the figures highlighted the “continued success” of its product desk in supporting brokers.

She added that demand in the mortgage market “remains strong” and said Q4 was one of the busiest periods throughout 2021.

Jefferies said: “Lenders have regained confidence as they introduce more options for borrowers with complex circumstances, such as adverse credit. For brokers, access to this broader range of mortgages could be critical to helping them support these customers to find a good deal, particularly with the recent rise in interest rates, and the possibility of further increases throughout 2022.

“Working together with the right network can empower brokers by giving them access to the most suitable and affordable products that meet their clients’ needs, and we look forward to continuing to provide our invaluable support to our brokers as we enter 2022.”

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