Mortgage brokers are increasingly concerned about lending solutions for borrowers with low or adverse credit scores, one year on from the start of the Covid-19 pandemic.
PRIMIS Mortgage Network received a record number of calls from brokers in February, logging 2,642 queries within four weeks. In 2020, the average monthly volume of calls was 2,083.
PRIMIS’ product desk reported that most brokers called for advice on lending for borrowers with low credit scores or those with high debt to income ratios; and lending for borrowers with adverse credit.
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Other popular queries related to the various product options for regulated and limited company buy-to-let investors, and lending for overseas clients.
Brokers also called PRIMIS for advice on the criteria for self-employed borrowers, particularly those who have taken government support during the Covid-19 crisis.
“February was another record month for the PRIMIS product desk as our team worked hard to support brokers with a range of queries,” said Vikki Jefferies, proposition director at PRIMIS.
“In particular, we saw a surge in the number of queries related to complex credit cases as the economic impact of the Covid-19 pandemic continues.
“Over the coming months, I hope to see more of our brokers utilising the support available within the network to become more knowledgeable on the mortgage market and showcase this in conversations with clients – something which will stand them in good stead for the future.”