Affordability and remortgaging top broker queries in Q1 2023, as PRIMIS’ product desk supports members

PRIMIS Mortgage Network saw its product desk assisted appointed representative (AR) advisers with 7,903 queries during Q1 2023, an increase of 128 queries compared to Q1 2022. The main concerns for brokers during this period were affordability and remortgaging.

Affordability issues have been exacerbated by high inflation, incremental increases in the Bank of England base rate, and the absence of a concrete replacement for the Help-to-Buy scheme.

This has led to more parents assisting their children with joint borrower-sole proprietor or guarantor mortgages to alleviate affordability problems.

The product desk also observed a rise in remortgaging queries, with 57% of UK mortgages estimated to expire this year and the number of mortgages due for renewal expected to peak at 371,000 in Q2 2023.

Amid higher interest rates, brokers must help borrowers find the most suitable deals for their needs.

Vikki Jefferies (pictured), proposition director at PRIMIS, said: “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 of 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.

“Here at PRIMIS, we are always looking for new ways to build upon the invaluable support we provide to our intermediary partners. In Q2 2023, we will also be hosting a series of mortgage and protection workshops to provide additional training and support for our network members.”

The product desk support works in harmony with PRIMIS’ ‘Virtual Experts’ page, which features vodcasts, blogs, and newsletters on key industry issues to provide brokers with on-demand information and guidance.