"As affordability issues persist amid inflation and interest rate hikes, the adviser role is more crucial than ever."
Primis Mortgage Network's product desk helped appointed representative advisers with 7,903 queries in Q1, with affordability and remortgaging among the most popular searches.
Continued high levels of inflation and incremental increases to the Bank of England base rate mean affordability issues remain at the forefront of broker queries. Primis says 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. As a result, Primis has seen more parents assisting children with joint borrower sole proprietor or guarantor mortgages to ease affordability issues.
The 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, with the number of mortgages due for renewal to peak in Q2 2023 at 371,000.
Vikki Jefferies, proposition director at Primis, commented: “Q1’s figures illustrate the continued success of the product desk in enabling brokers to confidently field the multitude of mortgage queries that come their way. We are continuing to help them navigate the ever evolving and increasingly complex borrower landscape.
"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."