Data from Primis Mortgage Network’s product desk found that product transfers were also at the forefront of brokers’ minds, as a rise in queries suggested that changing financial circumstances and affordability meant this was considered over a remortgage.
There was also a rise in searches regarding when lenders allow borrowers to change to a new rate, how long mortgage offers are valid for, and whether changes can be made if the rate reduces after the offer.
Over the quarter, some 7,642 queries were made which was 1,567 more than in the same period the year before. Over the year, the Primis product desk received 31,342 queries which averaged around 120 searches per working day.
Primis: Cost of living pressurises affordability
Vikki Jefferies (pictured), proposition director at Primis, said: “Q4’s impressive figures highlight the ongoing success of the product desk, as we remain committed to assisting brokers with a variety of mortgage queries. With the cost of living continuing to put pressures on affordability, along with high inflation levels, these statistics show that advisers have a vital role in providing valuable resources to clients, tailored to their individual financial circumstances.
“Brokers looking to stay abreast of new product and regulatory developments should look to mortgage networks, in order to gain access to all the options and support to meet their clients’ needs. We at Primis look forward to continuing to provide our invaluable support to our intermediary partners throughout the duration of 2023.”