Client credit issues still dominating advisor enquiries

November 4, 2023 by Brendan O'Neill

Mortgage Advisors

The latest data to be issued by the mortgage network Primis shows that the highest numbers of enquiries by advisors during the third quarter of the year were once again about credit issues.

This data from Primis and reveals the quarter once again saw a high number of advisor enquiries that related to the topic of adverse credit among clients. Among the issues that they were seeking help with were County Court debt rulings, missed mortgage payments and defaults on loans.

That is not a particularly surprising picture if the recent figures issued by UK Finance are anything to go by. They showed that 81,900 people across the country with mortgages were facing arrears that were at least 2.5% of the balance during the second quarter of this year. That is a rise of 7% on the number in that position during the first quarter of 2023.

Credit issues may have dominated third quarter advisor enquiries to the Primis product desk, but they were not the only subject. There were also a lot of questions concerning protection products and mortgage applications that are complicated by matters like self-employment.

Primis proposition director Vikki Jefferies told Financial Reporter that:

“With the cost-of-living crisis continuing to weigh on borrowers’ financial situations, it is no surprise that queries relating to adverse credit and complex lending are particularly frequent.”

This is a situation that is likely to remain the same for those with CeMAP mortgage advisor training, at least for the next few months.