Mortgage Brain has reported that the proportion of ESIS generated by its sourcing systems for property purchases have now increased past the levels it before the pandemic.
The mortgage technology expert indicated that residential purchase and home mover ESIS now account for 8.5% more of the overall ESIS generated than before COVID-19 took hold, while on buy-to-let (BTL) it is 4.8% higher.
Mortgage Brain’s data also showed that ESIS volumes for products with an LTV of up to 80% have recovered to pre-pandemic levels. However, residential ESIS volumes for cases of 85% LTV and above are now 12.8% lower than in the week ending 6 March.
Last week overall ESIS volumes dropped 4.7% compared to the previous week, though remain just 10.8% down on the levels seen pre-pandemic. Mortgage Brain suggested that ESIS totals have now been within 11% of those seen before the pandemic for four consecutive weeks.
With the Scottish market now opening up from 29 June, the mortgage technology expert said it can “realistically hope” to see ESIS totals edging even closer to pre-pandemic levels.
Mortgage Brain CEO, Mark Lofthouse, said that it was “striking” to see the proportion of ESIS for home moves increasing in recent weeks.
“Remortgage cases understandably dominated the business mix during lockdown, but with the housing market in England once again operational, it’s clear that buyers are getting on with moving,” he added.
“That overall ESIS volumes have remained largely stable for four weeks is also enormously encouraging, demonstrating there is some foundation to the recovery we are seeing.”
Elsewhere, the data also revealed that the number of available products has continued a slow recovery, rising 1.46% over the last week to 9,165.
Mortgage Brain said this is the highest level seen since the pandemic reached the UK, with product totals now 23.4% higher than those seen in the low point of the week ending 12 April. Compared to the nine-week average to 16 March, however, the number of mortgage products are still down by 37.5%.
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