Mortgage Brain has seen the number of ESIS produced from its mortgage sourcing systems rise for the second week in a row.
Last week saw an 8.4% rise in the number of ESIS produced from Mortgage Brain’s mortgage sourcing systems when compared to the previous week and are now 12.5% higher than the lowest point. This is the second consecutive increase and strengthens the view that the market is past the low point, with a slow increase in business, in particular for higher LTV residential mortgages.
When compared to the average over the nine weeks to 15 March, the number of ESIS produced remains down by 40.3%. (NB: the figures have been adjusted to take into account the VE Day Bank Holiday).
Once again there was little material change in the number of available mortgage products at 7,995. The number of products available to borrowers has been largely stable over the last five weeks, seeing only a marginal increase. Mortgage Brain said this further reinforces the case for the downward trend having ceased.
When compared to pre-pandemic levels, the number of mortgage products available is 6,698 (45.5%) lower than the nine week average to 16 March.
Mark Lofthouse (pictured), CEO at Mortgage Brain, said: “As time passes, the indications are that we have passed the low point and are now on the journey to the ‘new normal’.
“The growth so far has been led by a sustained increase in ESIS for higher LTV residential mortgages as lenders increase their LTVs. And, following the announcement by the government, growth may be expected to continue over the coming weeks as the home mover market restarts. With so many borrowers in testing financial positions, whether they have been asked to take Furlough Leave or taken advantage of mortgage payment holidays or not, the advice and expertise offered by intermediaries will be more vital than ever in the months to come.”