Brokers are increasingly looking at ways support customers with their mental health, according to PRIMIS Mortgage Network.
The network says it has seen a ‘noticeable increase’ in the number of broker queries about mental health issues, anxiety and stress in Q2 of this year.
Product transfers and rate switches were two of the other top queries PRIMIS Mortgage Network helped brokers with.
In total, it assisted appointed representative (AR) advisers with 7,718 queries during this time.
PRIMIS says product transfers are becoming increasingly prominent in broker queries.
With over 500,000 products coming up for renewal amid rising rates, many borrowers are considering product transfers as an alternative to traditional remortgages.
PRIMIS says this shows customers may be choosing to stay with the lender they know rather than switch as a result of market volatility and uncertain economic conditions.
It has also seen borrowers with five-year fixes looking to switch to shorter term deals so that if rates do fall, they are able to remortgage or product transfer sooner.
Through PRIMIS’ protection panel, brokers can give their customers access to protection products which support people with existing mental health conditions.
PRIMIS proposition director Vikki Jefferies says: “Q2’s figures underscore the importance and ongoing contribution of the product desk in helping brokers handle the wide-ranging mortgage and protection queries that are coming up in a rapidly moving market.
“As affordability issues continue to permeate all aspects of the mortgage and protection landscape in new ways, advisers play a more critical role than ever in guiding their customers towards the most suitable products for their individual circumstances.
“Mortgage and protection networks are an invaluable resource for brokers looking to keep abreast of important developments in the market, such as the rise of mental health related cases.
“By engaging with a network, brokers can access key resources and support that will enable them to confidently handle clients’ evolving needs.”
