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Affordability and remortgaging top queries by brokers in first months of 2023

  • 27/04/2023
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Affordability and remortgaging top queries by brokers in first months of 2023
Affordability and remortgaging were among the top queries by brokers in the first few months of the year, according to a mortgage network.

According to Primis Mortgage Network, the product desk helped appointed representative (AR) firms with 7,903 queries in Q1 2023. This is 128 more than in Q1 2022.

During this period affordability was a key focus, which the network attributed to high levels of inflation and rises in the base rate.

The firm also pointed to a lack of replacement for Help to Buy, which it said was exacerbating affordability problems for first-time buyers.

Consequently, the company said, there had been an increase in joint borrower sole proprietor or guarantor mortgages.

Remortgaging was also a key search as many deals are expiring this year, and amid a higher interest rate environment brokers are needed more than ever to help borrowers.

Vikki Jefferies (pictured), proposition director at Primis, said: “Q1’s figures illustrate the continued success of the product desk in enabling brokers to confidently field the multitude of mortgage queries that come their way.

“We are continuing to help them navigate the ever evolving and increasingly complex borrower landscape. As affordability issues persist amid inflation and interest rate hikes, the adviser role is more crucial than ever.

Brokers need to adapt for each individual client and grow their product knowledge in order to sufficiently cater for all manner unique financial situations.”

She continued: “Brokers who are keen to stay informed of new product and industry developments should engage with mortgage networks as a first port of call. This will allow them to access key resources and support that will fully equip them to deal with diverse client needs.

“Here at Primis, we are always looking for new ways to build upon the invaluable support we provide to our intermediary partners. In Q2 2023 we will also be hosting a series of mortgage and protection workshops to provide additional training and support for our network members.”

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