PRIMIS Mortgage Network has revealed that its product desk supported Appointed Representative (AR) advisers with 2,275 queries in June.
The monthly average of broker queries the product desk received during 2020 was 2,083.
During June, the most common queries from brokers included:
- First-time landlords – brokers saw a rise in clients looking to invest and become landlords, and in turn looking for more return than savings can offer currently
- Joint Borrower Sole Proprietor – PRIMIS’ product desk saw an increase in brokers with queries related to joint borrower sole proprietor cases, usually parents trying to help children with lower incomes to become homeowners
- Energy Performance Certificate Rating (EPC) changes for buy-to-let properties– following the regulatory changes in EPC ratings for BTL properties, brokers are looking for guidance on which lenders will lend on buy-to-let properties with a low EPC
- Retirement Interest Only (RIO) mortgage – Brokers enquired on behalf of later life borrowers who are looking to reduce expenditure or to release capital to gift to children for deposits. There were also queries about how long-term borrowing can be used to supplement income.
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. The Virtual Experts page received 533 unique visitors in June, up from 56 in May.
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.
Toni Smith (pictured), chief operating officer at PRIMIS, said: “Considering the Stamp Duty Land Tax holiday deadline was 30th June, it’s no surprise that broker queries through the month focused on second properties and parents trying to help their children get on the housing ladder, as brokers rushed to assist buyers to make the most of the tax break.
“Recent uncertainty surrounding minimum EPC ratings for buy-to-let properties also explains the rise in queries of this nature. Brokers were looking for insight on whether lenders will lend on properties with low ratings and what the required changes to raise the EPC rating will be. This issue is a concern for many, and we’re pleased to be helping brokers support their landlord clients through the changing landscape.
“Alongside product desk enquiries, we also saw eight times more visits to our Virtual Experts landing page in June, which shows that brokers are turning to various channels on the PRIMIS site for support. I’m pleased to see our continued success in supporting brokers with client queries through unfamiliar times. As we begin to enter some form of normality in the UK, PRIMIS will continue to provide proactive support for brokers to enhance their business and assist clients going forwards.”
