Mortgage Brain has reported that the number of ESIS produced from its mortgage sourcing systems had risen for the first time in six weeks.
Last week saw the number of ESIS produced from Mortgage Brain’s mortgage sourcing systems increase by 3.8% when compared to the previous week. The sourcing provider says this is the first increase for six weeks and could indicate that the downward trend has ceased. When compared to the average over the nine weeks to 15 March, the number of ESIS produced remain down by 44.9%.
Last week saw no material change in the number of available mortgage products, which stood at 7,976 products. The number of products has been stable over the last four weeks, seeing only a marginal increase, which Mortgage Brain says again may indicate that the downward trend has ceased. When compared to pre-pandemic levels, the number of mortgage products is 6,698 (45.7%) lower than the nine week average to 16th March.
Mark Lofthouse, CEO at Mortgage Brain, said: “Over the last four weeks we’ve seen the ESIS volumes stabilise and record the first increase last week, and the product numbers show a marginal increase which could signal that the dramatic changes in the market have come to an end. As lenders continue to increase their LTVs the business levels should slowly increase and when the purchase market comes back to life the growth should be more pronounced.”
“The market is showing the first signs of growth and if the anticipated slow easing of the lockdown measures happens, intermediaries and lenders could look forward to more growth and slowly working our way back towards normality.”