Mortgage Brain has reported a stabilisation in product numbers and a smaller fall in the number of ESIS produced from its mortgage sourcing systems.
Following substantial falls for the previous three weeks, last week saw mortgage product numbers stabilise. Last week there were 7,425 products available, a reduction of just 52 (<0.1%) from the previous week. When compared to pre-pandemic levels, the number of mortgage products is 7,249 (49.4%) lower than the nine week average to 16th March.
In addition, Mortgage Brain says it is seeing the first signs of lenders coming back to the market and increasing LTVs.
However, last week saw a further reduction of 6.9% in the number of ESIS produced from Mortgage Brain’s mortgage sourcing systems when compared to the previous week. The rate of reduction has continued to shrink for the fourth week in a row which suggests that the low point is being reached, Mortgage Brain said.
When compared to the average over the nine weeks to 15 March the reduction stands at 46.6%. (Note: these figures have been adjusted to take into account the Easter Bank Holiday).
Mark Lofthouse, CEO at Mortgage Brain, said: “The figures from last week are encouraging and after taking into account any Easter effect we could be at, or close to, the end of the dramatic week on week reductions.
“With the first signs of lenders coming back into the market and/or increasing LTVs this may be looked back on as the turning point, but only time will tell.”