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Top broker queries focus on product transfers and rate switching

  • 16/08/2023
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Top broker queries focus on product transfers and rate switching
According to latest figures from a leading mortgage network, product transfers and mental health protection were the main enquiries from brokers for Q2.

According to figures from Primis, the network’s product desk supported brokers with around 7,718 queries in Q2 this year, which is 109 more than the same period last year.

The firm added that May was the busiest month for broker queries.

Primis continued that product transfers and rate switching were a growing area of broker queries with more than half a million products coming up for renewal and rising mortgage rates making it a more attractive prospect than remortgages.

The firm said that product transfers may not be right for every customer and customers should seek out a broker for the best advice.

It noted that two-year fixed rates had hit the highest level of 6.66 per cent since 2008 but said it was likely rates would ease in 2024, so borrowers were increasingly opting for shorter term deals so if rates fall they could change deals.

The company added that there had been a “steady stream” of protection enquiries but cases involving mental health issues, anxiety and stress had gone up.

It said that its protection panel brokers could secure protection products that would offer cover for existing mental health conditions.


‘Helping brokers in a rapidly moving market’

Vikki Jefferies, proposition director at Primis, said: “Q2’s figures underscore the importance and ongoing contribution of the product desk in helping brokers handle the wide-ranging mortgage and protection queries that are coming up in a rapidly moving market.

“As ever, Primis is enabling brokers to navigate shifting trends and growing complexities. As affordability issues continue to permeate all aspects of the mortgage and protection landscape in new ways, advisers play a more critical role than ever in guiding their customers towards the most suitable products for their individual circumstances.”

She added: “Brokers need to be flexible and open to all options, expanding their product knowledge so that they are well-equipped to deal with a variety of clients and financial situations.

“Mortgage and protection networks are an invaluable resource for brokers looking to keep abreast of important developments in the market, such as the rise of mental health related cases.”

Jefferies said by engaging with a network, brokers could access key resources and support that would “enable them to confidently handle clients’ evolving needs”.

“At Primis, we are constantly developing new ways of supporting our network members. In the second half of 2023, we will be offering them further training and support to assist with the anticipated raft of remortgages and product transfers,” she noted.

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