PRIMIS Mortgage Network supported Appointed Representative (AR) advisers with 2,123 queries in July, 10% higher than July 2020.
The monthly average of broker queries received by the product desk during 2020 was 2,083.
During July, the most common queries from brokers included:
- Cladding – Continued confusion around the criteria for EWS1 forms resulted in an uptick in the number of queries related to cladding. In July, the Government announced that people buying flats in buildings lower than 18m (59ft) in England will no longer have to provide safety details on external walls to get a mortgage
- Joint Borrower Sole Proprietor – PRIMIS’ product desk heard from a number of brokers with queries related to joint borrower sole proprietor cases, usually parents trying to help their children become homeowners by joining the mortgage but not the deed
- Expat borrowing – PRIMIS’ product desk also saw an increase in brokers with queries related to expat borrowing. This stems from the fear that some lenders will not lend to expats following Brexit, meaning that some expat clients could be prevented from switching to a better deal with their current lender
This support is in addition to PRIMIS’ newly launched ‘Virtual Experts’ page, which features vodcasts, blogs and newsletters on key industry issues to provide brokers with on-demand information and guidance.
PRIMIS’ product desk team addresses the majority of queries from advisers within three to four hours and is currently operating an email and call back only service until staff reoccupy offices over the coming weeks.
Vikki Jefferies (pictured), proposition director at PRIMIS, said: “Today’s figures demonstrate the success of our Product Desk in assisting brokers over the past month, with queries 10% higher than July last year. This increase is especially interesting given the high levels of uncertainty in the market at that time. We are obviously very pleased to see that brokers have continued to find value in our support.
“The results, however, show that there are still some challenges to overcome in terms of the cladding crisis, Brexit disruption and the continued effects of the pandemic. We will continue to invest in our broker relationships, providing 24 hour support through our Product Desk and Virtual Experts page to assist brokers with whatever they need as we begin to regain some form of normality in the UK.”
