Adverse credit dominates broker queries in Q3: Primis

Adverse credit inquiries dominated brokers in the third quarter, according to Primis Mortgage Network.

Despite the rising cost of living putting pressure on many consumers, Primis explains that there are still options available for borrowers with adverse credit and those in other complex financial circumstances.

In total, the product desk helped delegated advisors (RAs) with 8,316 queries in Q3 2022, an increase of 707 from the previous quarter.

The quarter also saw an increase in inquiries regarding self-employed mortgages.

It comes after lenders tightened their criteria for independent applicants in recent years, which Primis said made the application process more complex.

There has also been an increase in the number of queries about income versus affordability. This follows first-time buyers who see the amount they can borrow decrease by up to 30%.

Primis says that as interest rate repayments eat into borrowers’ monthly incomes more and more, lenders are becoming more cautious about how much they will lend.

Finally, family assistance mortgages were also a popular request. Rising house prices and the ongoing cost of living crisis have put more pressure than ever on first-time buyers saving for a deposit.

Primis says family support is a very plausible option for buyers looking to take their first step on the housing ladder and get a deal at a lower rate, especially in this rising interest rate environment.

Primis’ Proposal Director, Vikki Jefferies, said: “Despite the significant increase in the cost of living, as well as rising levels of inflation and interest rates, these statistics show that demand remains healthy and advisors are contacted for information on how best to navigate the market for their clients during this difficult time.

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