Adverse credit dominated broker queries in Q3, according to Primis Mortgage Network.

Despite the rising cost of living placing pressure on many consumers, Primis explains that there are still options available to borrowers with adverse credit and those in other complex financial circumstances. 

In total, the product desk helped appointed representative (AR) advisers with 8,316 queries in Q3 2022, an increase of 707 compared to the previous quarter. 

The quarter also saw an increase in the number of queries regarding self-employed mortgages. 

This comes after lenders tightened their criteria for self-employed applicants in recent years, which Primis says has made the application process more complex.

There was also a rise in the number of queries on income to affordability. This follows first-time buyers seeing the amount they can borrow decrease by as much as 30%. 

Primis says with interest rate repayments increasingly eating into borrowers’ monthly incomes, lenders are becoming more cautious as to the amount they will lend.

Finally, family assist mortgages were also a popular query. The rising house prices and the continued cost-of-living crisis have put more pressure on first-time buyers saving for a deposit than ever.

Primis explains that family support is a very plausible option for buyers looking to take their first step onto the housing ladder and secure a deal at a lower rate, especially during this rising interest rate environment.

Primis proposition director Vikki Jefferies says: “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.”