Primis Mortgage Network has revealed that the network’s product desk helped appointed representative (AR) advisers with 7,903 queries in Q1 2023, 128 queries more than Q1 2022.
During Q1, some of the product desk’s key focuses included affordability, remortgaging and focus on user experience.
Affordability. Primis reports seeing more parents assisting children with joint borrower-sole proprietor or guarantor mortgages to ease affordability issues.
Remortgaging: The product desk also saw an increase in the number of queries with regards to remortgaging. More than half (57%) of the mortgages in the UK are estimated to come to an end this year, with the number of mortgages due for renewal to peak in Q2 2023 at 371,000.
Focus on user experience. By collaborating with lenders and providers, Primis says its product desk has made it easier for its members to expand on their product knowledge; their awareness of borrower criteria for different non-traditional lenders and their familiarity with the various products being offered by different providers.
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 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.”