Mortgage Brain has reported that both the product numbers on the mortgage market and ESIS volumes produced from its sourcing systems have continued their recent improvement over the last week.
The mortgage technology expert stated there have now been four straight weeks of increases in the number of ESIS produced from its sourcing systems, with last week seeing a rise of 9.4% from the previous seven days. Each day also saw higher numbers of ESIS produced in comparison with the same day of the previous week.
As a result, Mortgage Brain revealed that ESIS numbers are now up 28.9% from the lowest point seen in the week ending 26 April, although they still remain down by 31.5% from the nine-week average to March 16th.
Furthermore, Mortgage Brain’s latest analysis revealed that product numbers on the market saw a 3% growth in the number available last week, up to 8,450.
The mortgage technology expert said this was up by 13.8% from the lowest point in the week ending 12 April, but added that 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 16 March.
Mortgage Brain CEO, Mark Lofthouse, 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.”
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