Mortgage Brain sees product numbers and ESIS volumes continue to rise

- Weekly ESIS volumes up 9.4%, compared to last week
- Increase of 3.0% in mortgage products, now standing at 8,450

UK, May 27 2020: Mortgage technology expert Mortgage Brain has seen both product numbers and ESIS volumes continue their recent improvement over the last week.

There have now been four straight weeks of increases in the number of ESIS produced from Mortgage Brain’s sourcing systems, with last week seeing a rise of 9.4% from the previous seven days. Each day saw higher numbers of ESIS produced in comparison with the same day of the previous week. As a result ESIS numbers are now up 28.9% from the lowest point seen in the week ending 26th April, though they remain down by 31.5% from the nine-week average to March 16th.

Product numbers are also improving, with a 3% growth in the number available last week to 8,450. This is up by 13.8% from the lowest point in the week ending 12th April. But availability remains restricted in comparison to pre-pandemic levels, with the number of available mortgage products down by 42.4% from the nine-week average to 16th March.

Mark Lofthouse, CEO at Mortgage Brain, commented: “The data suggests that the mortgage market has now turned the corner and is slowly but surely recovering from the shock of the pandemic, with increasing activity and product choice. It remains very early days however, with further progress likely to be gradual.

“Nonetheless, the make-up of the business we are seeing is striking. The last week has seen a substantial rise in business involving homemovers and first-time buyers rather than remortgagors, alongside an increase in higher LTV lending. The message that the housing market is once again open for business is starting to get through to those looking to move up or down the ladder. With the significant changes in product numbers and criteria since the onset of the pandemic, the expertise and insight offered by intermediaries has never been more vital in helping those buyers find the right mortgage product for their circumstances.”

Published: 27 May 2020