"It’s especially promising to see an uptick in the number of queries on adverse credit and self-employed mortgages as mortgage lenders begin to soften criteria and expand the products on offer"
Primis Mortgage Network says its product desk saw an uptick in the number of queries relating to adverse credit in August.
Even though interest rates are typically higher for adverse credit borrowers, Primis says it is now seeing more mortgage options being made available to those with adverse credit, signalling an increase in lender confidence as we move further from the height of the pandemic
Primis’ product desk also saw an increased number of later life lending enquiries to provide gifted deposits. This is usually parents trying to help their children become homeowners, supported by the increased number of guarantor mortgage and joint mortgage sole proprietor enquires that the product desk saw throughout August as well.
Other popular queries from brokers were related to expats with buy-to-let enquires and self-employed mortgages.
Vikki Jefferies, proposition director at Primis, commented: “Today’s figures demonstrate the continued success of our Product Desk in supporting brokers to best assist to their clients. Even with a reduced staff level on the desk due to leave over summer, the number of queries answered were only marginally below previous months and we’re proud to have maintained our four-hour SLA email turnaround time – in most cases we were quicker than this. We are very pleased to see that brokers have continued to find value in our support.
“The results reflect the market’s continued recovery from the coronavirus crisis. It’s especially promising to see an uptick in the number of queries on adverse credit and self-employed mortgages as mortgage lenders begin to soften criteria and expand the products on offer to more complex borrowers. The increased activity in this area suggests that many who may have struggled to remortgage or purchase new properties during the pandemic are once again able to access affordable products.
“There are still some challenges to overcome in terms of Brexit disruption and the continued effects of the pandemic. As such, we will continue to invest in our broker relationships, providing 24-hour support through our Product Desk and Virtual Experts page to assist brokers with whatever they need.”