Adverse credit dominates broker queries in January

The network's product desk helped appointed representative advisers with 2,491 queries in January – the highest number since March 2021. Primis also witnessed its busiest ever week, with over 700 broker enquires during the second week of January.

The product desk continued to see a large proportion of queries relating to mortgages for those with adverse credit. Despite the rising cost of living placing pressure on many consumers, there is still a significant appetite among lenders to help borrowers with adverse credit.

The product desk has also seen an increase in the number of queries regarding self-employed mortgages. This is due to several lenders now offering higher LTV products for this borrower group, while others have softened their criteria by reducing the period for which earnings must be shown.

Brokers were also searching for solutions for contractors and agency workers with irregularities in their line of work. The product desk is still seeing large numbers of queries from those who have not been in the same line of work for 12 months or more. This follows a number of lenders continuing to soften the criteria for freelancers, with several lenders now accepting borrowers who have used the Self-Employed Income Support Scheme (SEISS).

Vikki Jefferies, proposition director at Primis, commented: “As we enter 2022, it’s great to see these impressive figures that highlight the continued success of our product desk as we help brokers best assist clients with a range of mortgage needs. Despite rising inflation putting pressure on finances and beginning to push interest rates upwards, these statistics also show that the market remains competitive and demand is still strong.

“Lenders have continued to introduce more options for borrowers in recent months, including for those with adverse credit and the self-employed. This wider range will be critical in helping brokers continue to find suitable and affordable deals for those with such complex circumstances, and by working together with the right network, they can get access to all these options to meet their clients’ needs. We look forward to continuing to provide our invaluable support to our intermediary partners throughout 2022.”