PRIMIS sees surge in expat and adverse credit lending enquiries in Q4 2021

PRIMIS Mortgage Network has seen an increase in broker queries for lending to expats, people with adverse credit and contractors with irregularities in their line of work in Q4 2021.

Overall, the network’s product desk has helped AR advisers with 6,075 queries during the quarter.

According to PRIMIS, the rise in expat enquiries comes as a number of lenders have reintroduced higher LTV BTL mortgages for expats and softened the criteria needed to apply for these products. 

The increase in queries for adverse credit lending is a result of the wide range of mortgages on offer to those with more complex financial circumstances — this includes the self-employed, with some lenders now offering higher LTVs for self-employed workers, while many have also reduced the period for which earnings must be shown.

Meanwhile, the rise in number of queries from those who have not been in the same line of work for 12 months due to the pandemic follows a number of lenders softening the criteria for freelancers, with several lenders now accepting borrowers who have used the Self-Employed Income Support Scheme (SEISS).

Vikki Jefferies, proposition director at PRIMIS, said: “These figures highlight the continued success of our product desk in supporting brokers to best assist clients with a range of mortgage needs. 

“Demand in the mortgage market clearly remains strong, with Q4 being one of the busiest periods throughout 2021, and we are pleased to see that brokers continue to see the value in the support we offer.

“Lenders have regained confidence as they introduce more options for borrowers with complex circumstances, such as adverse credit. 

“For brokers, access to this broader range of mortgages could be critical to helping them support these customers to find a good deal, particularly with the recent rise in interest rates, and the possibility of further increases throughout 2022. 

“Working together with the right network can empower brokers by giving them access to the most suitable and affordable products that meet their clients’ needs, and we look forward to continuing to provide our invaluable support to our brokers as we enter 2022.”

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