The latest figures from the mortgage network Primis show that problems with bad credit ratings were the issues that dominated searches for mortgage advisors last month.
Primis has indicated that advisors sought assistance from its product desk for a total of 2,491 enquiries during January, with credit rating problems being the biggest issue, followed by self-employment and irregular work concerns. This indicates that many mortgage lenders remain keen to provide loans for borrowers, even in the wake of the increasing cost of living crisis.
Indeed, January turned out to be the month with the highest volume of mortgage enquiries that Primis has had since March of last year. The month also produced the highest ever number of enquiries it has had in a single week, with the second week in the month producing more than 700 enquiries.
The volume of queries from self-employed people also rose. Primis is attributing this to the fact that several big lenders have added products with higher loan-to-value (LTV) aimed at the self-employed, or have relaxed their criteria to make mortgages more accessible to them.
Speaking to Financial Reporter, Primis’ Product Director, Vikki Jeffries, said:
“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.”
The current demand for CeMAP classes in Manchester and other parts of the UK is likely to stay high while the mortgage sector is so strong.