Affordability a ‘key query’ for mortgage brokers

Mortgage affordability was a key query among brokers at the end of 2022, according to analysis from PRIMIS Mortgage Network.

The mortgage network reported that its product desk helped appointed representative (AR) advisers with 7,642 queries in Q4 2022, a figure up from 1,576 from Q4 2021.

A large proportion of these queries related to affordability, PRIMIS stated, which included looking at financing options and ways to stretch income.

PRIMIS suggested this was a result of the cost of living crisis and higher mortgage rates in the aftermath of the government’s mini-Budget last September, but added that the end of the Help to Buy scheme may have also contributed to this trend, as first-time buyers explored their options for financing.

The PRIMIS product desk product desk also saw an increase in the number of queries relating to product transfers in Q4, particularly as those with fixed rate mortgage deals came to an end and were faced with higher rates.

Across 2022, the mortgage network’s product desk answered a total 31,342 queries.

“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,” said proposition director at PRIMIS, Vikki Jefferies.

“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.”

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