January requests to advisors dominated by bad credit
Latest figures from mortgage network Primis show that bad credit issues were the issues dominating searches for mortgage advisers last month.
Primis said advisers sought help from its product office for a total of 2,491 inquiries in January, with credit rating issues being the biggest issue, followed by self-employment and irregular work issues. This indicates that many mortgage lenders remain keen to lend to borrowers even in the wake of the growing cost of living crisis.
Indeed, January turned out to be the month with the highest volume of mortgage applications that Primis has had since March of last year. The month also produced the highest number of inquiries on record in a single week, with the second week of the month producing over 700 enquiries.
The volume of queries from freelancers has also increased. Primis attributes this to the fact that several major lenders have added products with a higher loan-to-value (LTV) ratio aimed at the self-employed, or have relaxed their criteria to make mortgages more accessible to them.
Speaking to the Financial Reporter, Primis Chief Product Officer Vikki Jeffries said:
“As we enter 2022, it’s great to see these impressive numbers highlighting the continued success of our product desk as we help brokers better assist clients with a range of mortgage needs.”
Current demand for CeMAP classes in Manchester and other parts of the UK is expected to remain high as the mortgage industry is so strong.