Mortgage Brain has reported the overall ESIS numbers produced from its sourcing systems have stabilised at pre-pandemic levels, with a small increase of 2.4% on the preceding week.
The mortgage technology expert said this was the seventh consecutive week there had been a rise in ESIS volumes, leaving them just 8.5% below the levels seen before the COVID-19 pandemic.
However, Mortgage Brain’s latest data showed the number of mortgage products available to borrowers fell last week, following five consecutive weeks of rises.
Product numbers dropped by 3% to a total of 8,746, and while this figure is up by 17.8% on the lowest point seen since the onset of coronavirus – back in the week ending 12 April – the data showed that it remained down by 40.4% on the nine-week average to 16 March. Mortgage Brain suggested this reduction was in some part down to lenders removing higher LTV products.
While lending between 85% and 90% LTV fell by 4.4% on the previous week, lending between 80% and 85% increased by the same margin. The data revealed that ending above 90% remained level and represented just 1.3% of the ESIS generated on Mortgage Brain’s sourcing systems, sharply down on the 6.6% average seen before the pandemic.
The mortgage technology expert added that by contrast, the LTV business mix below 80% has returned to the same levels seen before the crisis hit.
Mortgage Brain CEO, Mark Lofthouse, commented: “The mortgage market has enjoyed quite the turnaround in the last six weeks, with product numbers and ESIS volumes in a far healthier position today than many would have dared imagine.
“While overall product numbers have dropped slightly, this is to be expected as lenders constantly review their ranges and get a feel for the lay of the land in this new normal. This is clearly the case at the higher LTV end of the market, which represents a far smaller proportion of business now than we saw before the pandemic took hold. Hopefully we will see the health of this segment of the market improve in time as lender appetite grows.”
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