Mortgage Brain has reported the numbers of ESIS generated through its sourcing systems have continued their recovery from the impact of COVID-19 over the last week, increasing by 3.4%.
The mortgage technology expert revealed its ESIS levels are now just 3.2% below the nine-week average to 16 March, and have been within 11% of the pre-pandemic figures for the last six consecutive weeks.
Mortgage Brain suggested the business mix of ESIS gives a “clear indication” of the resurgence in purchase activity, with residential purchase ESIS representing a greater proportion of total ESIS than pre-pandemic levels for seven weeks in a row. The data showed they have been around 9% higher in the last three weeks than those seen before the effects of COVID-19 hit the UK.
The latest figures also indicated there has been a shift towards higher LTV borrowing, with ESIS volumes at 80-85% LTV now 10.9% higher than those seen earlier in the year, now representing 22.9% of all ESIS generated.
However, Mortgage Brain suggested it continues to be difficult for borrowers with the smallest deposits, with cases at 90% LTV and above representing just 0.8% of the ESIS generated, compared to the level at 6.6% recorded before the pandemic.
Mortgage Brain CEO, Mark Lofthouse, commented: “The recovery in purchase business since the reopening of the housing market in England has been striking. Purchase ESIS across both residential and buy-to-let cases are now higher than before the pandemic struck, a testament to the strength of that underlying demand.
“With the housing market now open in Scotland, and the Government’s decision to introduce a stamp duty holiday, we may be set to see this trend continue for some time.”
The mortgage technology expert also revealed that the number of products on the market remain on an upward trend, despite dropping marginally (0.9%) last week to 9,179. This figure is now up by 23.6% on the low point seen in the week ending 12 April, although the product total is still down by 37.5% on the nine-week average to 16 March.
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