Primis Mortgage Network has revealed that the network’s product desk helped appointed representative (AR) advisers with 8,316 queries in Q3 2022, 707 more than Q2 2022.

The product desk saw a large proportion of queries relating to mortgages for those with adverse credit. Despite the rising cost of living placing pressure on many consumers, Primis says there are still options available to borrowers with adverse credit, as well as to those in other complex financial circumstances. The uptick in queries on the topic of adverse credit suggests that broker guidance on the most suitable products for this group of customers is particularly important at this time the network said.

The product desk also saw an increase in the number of queries regarding self-employed mortgages. Lenders have tightened their criteria for self-employed applicants in recent years, leading to the application process becoming more complex. Primis says brokers are now playing a vital role in supporting self-employed borrowers, who often don’t know where else to turn, looking to receive advice regarding their mortgage needs during this period.

First-time buyers have seen the amount they can borrow decrease, in some cases by as much as 30%, as banks tighten their mortgage affordability calculations in the face of rapidly rising rates. With interest rate repayments increasingly eating into borrowers’ monthly incomes, lenders are becoming more cautious as to the amount they will lend.

Rising house prices and the cost-of-living crisis has put more pressure than ever on first-time buyers saving for a deposit. Primis argues that family support is a very plausible option for buyers looking to take their first step onto the housing ladder and securing a deal on a lower rate, especially during this rising interest rate environment.

Vikki Jefferies, proposition director at Primis, said: “Despite the cost of living increasing significantly, along with rising inflation levels and interest rates, these statistics show that demand remains healthy, and advisers are being approached for information on how they clients can best navigate the market at this difficult time.

“Brokers will need to be well informed in order to find suitable and affordable deals for their customers, especially those with complex circumstances. By working with the right network, brokers can access the support they need to ensure they are best meeting their clients’ needs. We look forward to continuing to provide the help and guidance we know our intermediary partners value for the remainder of 2022 and into 2023.”