PRIMIS Mortgage Network has revealed that the network’s product desk helped appointed representative (AR) advisers with 7,718 queries in Q2 2023, up from Q2 2022.
During the second quarter, some of the product desk’s key focuses included:
Product transfers / rate switching:
PRIMIS says that product transfers are becoming increasingly prominent in broker queries. With over half a million products coming up for renewal amid rising mortgage rates, many borrowers are considering product transfers which can sometimes be a suitable alternative to traditional remortgages. However, product transfers will not be right for every customer and the guidance of a professional mortgage adviser should be sought to find the right solution for their individual circumstances, PRIMIS says. This shows that customers might be choosing to stay with the lender they know rather than switch, as a result of market volatility and uncertain economic conditions.
PRIMIS says that while two-year fixed rates hit their highest level (6.66%) since the 2008 financial crisis, it is likely that rates will ease in 2024. As a result, we’ve seen borrowers with five-year fixes looking to switch to shorter term deals so that if rates do fall, they are able to remortgage or product transfer sooner.
Mental health-related protection enquiries:
While there has been a steady stream of protection enquiries overall, the number of cases involving mental health issues, anxiety and stress have noticeably increased. Through PRIMIS’ protection panel, brokers can give their customers access to protection products which support people with existing mental health conditions.
Continued support for brokers and their clients:
PRIMIS also held face-to-face meetings with a number of lenders during Q2, where it discussed changes to their criteria, product updates, and ways to support brokers and customers. By collaborating with lenders and providers, PRIMIS claims 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: “Q2’s figures underscore the importance and ongoing contribution of the product desk in helping brokers handle the wide-ranging mortgage and protection queries that are coming up in a rapidly moving market. As ever, PRIMIS is enabling brokers to navigate shifting trends and growing complexities. As affordability issues continue to permeate all aspects of the mortgage and protection landscape in new ways, advisers play a more critical role than ever in guiding their customers towards the most suitable products for their individual circumstances. Brokers need to be flexible and open to all options, expanding their product knowledge so that they are well-equipped to deal with a variety of clients and financial situations.
“Mortgage and protection networks are an invaluable resource for brokers looking to keep abreast of important developments in the market, such as the rise of mental health related cases. By engaging with a network, brokers can access key resources and support that will enable them to confidently handle clients’ evolving needs. At PRIMIS, we are constantly developing new ways of supporting our network members. In the second half of 2023, we will be offering them further training and support to assist with the anticipated raft of remortgages and product transfers.”