PRIMIS Mortgage Network has reported that its product desk helped appointed representative (AR) advisers respond to 7,903 queries in Q1 2023.

This figure is 128 queries higher than the network’s total for Q1 last year.

PRIMIS revealed that the key areas of focus for its product desk in Q1 this year included affordability and remortgaging.

Amid continued high levels of inflation and successive increases to the Bank of England base rate, PRIMIS suggested that affordability issues remain at the forefront of broker queries. The network stated that the lack of a concrete replacement for the Help to Buy scheme is also exacerbating affordability issues for first-time buyers, who may struggle to save for a deposit without the support of family members.

The PRIMIS product desk also saw an increase in the number of queries with regards to remortgaging. More than half (57%) of the mortgages in the UK are estimated to come to an end this year, PRIMIS said, with the number of mortgages due for renewal to peak in Q2 2023 at 371,000. Amid a climate of higher interest rates, the mortgage network suggested that brokers need to be on hand to help borrowers find and lock in the most suitable deals for their individual needs.

Proposition director at PRIMIS, Vikki Jefferies, commented: “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.

“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.”

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