Majority of advisor queries in Q3 were about bad credit
New data for the third quarter of this year that was released by Primis Mortgage Network shows that the majority of inquiries made to its product desk by advisers were for clients with poor credit.
It shows that there were a total of 8,316 requests for advisers during this quarter, which represents an increase of 707 compared to the second quarter. The lender says the growing number of questions about products suitable for people with credit problems indicates that expert help is the best way forward at this time for advisers who have clients in these circumstances.
In addition to a higher number of credit-related inquiries, there were also more questions about products for independent borrowers in the third quarter. This reflects the fact that many lenders are tightening their criteria in the wake of economic conditions, making it harder for the self-employed to get a mortgage.
Other issues that advisors frequently asked Primis’ product desk about during the third quarter included family assistance loans and income-to-affordability ratios. Speaking to Financial Reporter, Primis’ 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 advisers are being approached for information on how best to for their customers to navigate the market during this challenging time.”
Even advisors who have completed CeMAP training can benefit from being able to ask questions of trained support staff during turbulent economic times like the present.