According to the findings, during Q4 2021, some of the most common queries from brokers include:
Expat lending – Throughout Q4 2021 the product desk saw a surge in expat lending queries for both residential and buy-to-let borrowers, alongside foreign income lending. This follows a number of lenders reintroducing higher loan-to-value (LTV) buy-to-let mortgages for expats and a softening of the criteria needed to apply for these products.
Adverse credit – The product desk continued to see an increase in queries regarding mortgages for those with adverse credit. There is now a significant appetite among lenders to help these types of borrowers, and there is a wide range of mortgages on offer to those with more complex financial circumstances. This includes the self-employed, with some lenders now offering higher LTVs for self-employed workers, while many have also reduced the period for which earnings must be shown, making mortgages more accessible to them.
Contractors and agency workers with irregularities in their line of work – With the impacts of the pandemic causing many borrowers to take on new full-time or part-time work to supplement their income, the product desk has seen an increase in the number of queries from those who have not been in the same line of work for 12 months. This follows a number of lenders softening the criteria for freelancers, with several lenders now accepting borrowers who have used the Self-Employed Income Support Scheme (SEISS).
Vikki Jefferies, Proposition Director at PRIMIS, comments: “These figures highlight the continued success of our product desk in supporting brokers to best assist clients with a range of mortgage needs. Demand in the mortgage market clearly remains strong, with Q4 being one of the busiest periods throughout 2021, and we are pleased to see that brokers continue to see the value in the support we offer.
“Lenders have regained confidence as they introduce more options for borrowers with complex circumstances, such as adverse credit. For brokers, access to this broader range of mortgages could be critical to helping them support these customers to find a good deal, particularly with the recent rise in interest rates, and the possibility of further increases throughout 2022.
“Working together with the right network can empower brokers by giving them access to the most suitable and affordable products that meet their clients’ needs, and we look forward to continuing to provide our invaluable support to our brokers as we enter 2022.”
