The top three searches by directly authorised (DA) brokers in Q2 2023 were related to residential adverse credit, residential income support and residential foreign national service, TMA Club has revealed.

The mortgage and protection firm found that the most searched queries on its broker support desk were related to adverse credit, particularly on the residential side, as brokers sought support to advise clients about missed or defaulted payments and county court judgements for debt.

Research in November 2022 found that almost half (48%) of borrowers were worried about missing mortgage repayments as a result of the cost of living crisis.

TMA Club also saw a large number of queries related to income types, as affordability remains a key obstacle to gaining mortgage approval. Queries relating to clients with multiple income sources, benefit income and income from buy-to-lets (BTLs) were the most popular in this category.

With rising interest rates, the impact of the pandemic and geopolitical factors, brokers have a growing range of individual circumstances they must deal with in order to help customers to find the most suitable product for them at the time. This means investing appropriate resources into KYC, fact-finding and CRM systems to ensure brokers are working with their customers.

Q2 2023 also saw a notable increase in the number of applications for residential mortgages from foreign nationals on a visa.

Development director at TMA Club, Lisa Martin, said: “The argument for seeking independent financial advice when taking out a mortgage is being constantly strengthened by the growing complexity of the mortgage market. Brokers are used to dealing with a broad range of clients and play a critical role in helping borrowers make the most informed decisions possible for their individual financial circumstances.

“Brokers can put themselves in the best position to support their customers by joining a club to ensure they have access to the full range of products to meet their clients' needs. In addition, TMA’s broker support desk can support member brokers as they try to achieve the best possible outcomes for borrowers.”

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