Mortgage Brain has reported a further reduction in the mortgage products that were available on the market last week to 7,477 total products, which was 7,179 fewer than the nine-week average to 16 March.
The mortgage technology expert announced this reflected a drop of 49.1% and suggested it had been a result of lenders continuing to reduce, amend or remove their products.
Mortgage Brain also reported, however, that product changes made by lenders had returned to their pre-pandemic levels, and were averaging 18 per day.
The mortgage specialist added that last week had also seen a further reduction of 10.8% in the number of ESIS produced from Mortgage Brain’s mortgage sourcing systems when compared to the previous week, although noted that the rate of reduction had dropped.
The figures showed that when compared to the average over the nine weeks to 15 March, the reduction stands at 42.7%, but Mortgage Brain added that its latest figures had been adjusted to take into account the Bank Holiday.
Mortgage Brain CEO, Mark Lofthouse, commented: “The figures from last week show a further massive reduction on products available from lenders but the reduction in the number of changes suggests that we could be reaching the new normal level in these abnormal times.
“While the number of ESIS produced has fallen, the rate of reduction has reduced and there will be an impact because of Easter.”
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