Covid-19: 214 lender product changes last week

Mortgage Brain has seen a major reduction in mortgage products, a further increase in lenders changing their products and a reduction in the number of ESIS produced from its mortgage sourcing systems.

Over the week there has been a huge reduction in the number of products available from lenders. Last week there were 10,097 products available, 4,577 (31.2%) lower than the nine-week average to 16 March. This is as a result of lenders reducing, amending or removing their products.

Conversely, last week saw a 31% increase in product changes made by lenders (214) from the previous week. Comparing this to the three week average to 20 March, changes are 76% higher.

Last week saw a further reduction of 15% in the number of ESIS produced from its mortgage sourcing systems, though the rate of reduction is reducing. When compared to the average over the nine weeks to 15 March the reduction is 36%.

Mark Lofthouse, CEO at Mortgage Brain, said: “The level of changes we’re seeing in the market due to the impact of Covid 19 is unparalleled. The increase in product changes and reduction in ESIS continues and has now been accompanied by a huge reduction in the products available from mainstream lenders.

“The rate of change is reducing and over the next few weeks I expect it to settle down. As the impact of COVID 19 lessens I believe that the market will then slowly move to its new, post pandemic, normal but this could take some considerable time.”

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