Majority of Q3 advisor queries concerned bad credit

October 28, 2022 by Heidi

Mortgage Advisors

New data for the third quarter of this year that has been published by Primis Mortgage Network shows that the majority of enquiries to its product desk from advisors concerned clients with poor credit.

It shows that there were a total of 8,316 enquiries from advisors during that quarter, which marks a rise of 707 compared to the second quarter. The lender is stating that the rising number of questions about products suitable for people with bad credit situations indicates that getting expert help is the best way forward right now for advisors who have clients in those circumstances.

In addition to higher numbers of credit-related enquiries, there were also more questions about products for self-employed borrowers during the third quarter. This reflects the fact that many lenders are tightening their criteria in the wake of the economic situation, making it harder for self-employed people to get a mortgage.

Other issues that advisors made a lot of enquiries about to the Primis product desk during Q3 included family assist loans and ratios of income to affordability. Speaking to Financial Reporter, Vikki Jefferies from Primis said:

“Despite the cost of living increasing significantly, along with rising inflation levels and interest rates, these statistics show that demand remains healthy, and advisors are being approached for information on how their clients can best navigate the market at this difficult time.”

Even advisors with full CeMAP training can benefit from being able to make enquiries to qualified support staff during turbulent economic periods like the current one.