PRIMIS Mortgage Network has revealed that its product desk, which assists brokers in all key areas of the market, supported Appointed Representative (AR) advisers with 2,387 queries in September, up from 1,903 in August.
During September, the most common queries from brokers included:
- Holiday lets – PRIMIS’ product desk saw an uptick in the number of queries relating to holiday lets in September. Interest rates on cash savings accounts fell to record lows during 2021 and whilst some are starting to recover, savers have been considering alternative ways to invest. The UK staycation industry has thrived since the pandemic, and many see holiday lets as an enticing investment opportunity due to increased short term rental demand.
- Buy to let products for first time buyers and landlords with minimum income – Buy-to-let mortgage rates are at an all-time low and competition between lenders is fierce. On top of this, some lenders are also amending their lending criteria to support a wider range of buyers and landlords, especially those with complex financial situations
- Adverse credit – PRIMIS’ product desk continued to see increased queries on the mortgage options being made available to those with adverse credit. Lenders are now beginning to offer a wider range of mortgages to complex borrowers, signaling an increase in lender confidence as we move further from the height of the pandemic
- Self-employed – The product desk has also seen an increase in the number of queries on mortgages for day rate or agency workers who have recently gone self-employed. This is a result of a number of lenders softening the criteria for freelancers, with several lenders now accepting borrowers who have used the Self-Employed Income Support Scheme (SEISS)
Vikki Jefferies (pictured)§, proposition director at PRIMIS, said: “Today’s results reflect the market’s ongoing recovery and buoyancy. With the recent boom in the staycation market, it’s of no surprise to see increased queries on holiday lets as people see their investment potential, especially in the run-up to the festive season.
“The low rates and updated criteria from many lenders in the buy-to-let market also explain the rise in queries on these products, especially those tailored towards complex first-time landlords. However, with a potential rate rise looming, it will be interesting to see how queries evolve over the coming weeks, especially as more borrowers might look to fix into lower rates for longer.
“It’s also especially promising to see high levels of queries on adverse credit and self-employed mortgages, suggesting that many borrowers who may have struggled during the pandemic are now able to access affordable products.
“However, with Government schemes such as Help to Buy winding down, there are still some challenges to overcome within the market. 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.”
