Mortgage Brain has revealed the number of ESIS produced from its mortgage sourcing systems increased last week for the first time in six weeks.

The mortgage technology expert saw the number of ESIS produced from its mortgage sourcing systems rise by 3.8% when compared to the previous week – the first increase since the Government imposed the UK lockdown.

When compared to the average over the nine weeks to 15 March, the number of ESIS produced remained down by 44.9%, but Mortgage Brain suggested the first increase for six weeks could indicate that the downward trend has ceased.
 
Mortgage Brain’s data also revealed that last week had seen no change in the number of available products on the mortgage market, which stood at 7,976 products.

The mortgage technology specialist suggested the number of products had now been stable over the last four weeks, showing only a marginal increase, which it suggested could again indicate that the downward trend has ceased. When compared to pre-pandemic levels, the number of mortgage products is 6,698 lower than the nine week average to 16 March, equating to a 45.7% drop.
 
Mortgage Brain CEO, Mark Lofthouse, 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.”

Share Story: