Affordability and problems with remortgaging remained key issues for brokers in the first quarter of this year, amid continued high inflation and rising interest rates.

Primis has reported that these were the top broker queries received at its product support desk in the first three months of this year. 

In total Primis said it had a total of almost 8,000 queries from brokers over this period — an increase on the same period last year — with March being its busiest month.

Primis says affordability issues remain at the forefront of broker queries, with inflation remaining stubbornly high, and the lack of a replacement for the Help-to-Buy scheme exacerbating this problem for first-time buyers. Primis says it has seen more joint borrowers sole proprietor and guarantor mortgages arranged as a result, with parents looking to help children onto the property ladder.

It added there was also an uptick in queries relating to remortgaging. This is expected to be an ongoing issue, with more than half (57%) of  the mortgages in the UK estimated to come to an end this year. The number of mortgages due for renewal will peak in Q2 2023 at 371,000.

Primis says that amid a climate of higher interest rates, brokers need to be on hand to help borrowers find and lock in the most suitable deals for their individual needs. 

Primis proposition director Vikki Jefferies says: “As affordability issues persist amid inflation and interest rate hikes, the adviser role is more crucial than ever. Brokers need to adapt for each individual client and grow their product knowledge in order to sufficiently cater for all manner of financial situations.

“Brokers who are keen to stay informed of new product and industry developments should engage with mortgage networks as a first port of call. This will allow them to access key resources and support that will fully equip them to deal with diverse client needs.”