Mortgage Brain has reported the number of ESIS produced from its mortgage sourcing systems has increased for the second week in a row.

The mortgage technology expert’s latest update revealed last week had seen an 8.4% rise in the number of ESIS produced from its mortgage sourcing systems when compared to the previous week, and are now 12.5% higher than the lowest point.

This is the second consecutive increase, which Mortgage Brain suggested had strengthened its view that the market is past the low point with a slow increase in business, in particular for higher LTV residential mortgages. When compared to the average over the nine weeks to 15 March, however, the number of ESIS produced remained down by 40.3%.

Mortgage Brain also reported there was little material change in the number of available mortgage products on the market, at 7,995 products. The mortgage technology specialist said the number of products available to borrowers had been largely stable over the last five weeks, only showing a marginal increase, which “further reinforces” the case for the downward trend having ceased.

When compared to pre-pandemic levels, the data showed the number of mortgage products available is still 6,698 (45.5%) lower than the nine week average to 16 March.

Mortgage Brain CEO, Mark Lofthouse, said: “As time passes, the indications are that we have passed the low point and are now on the journey to the ‘new normal’.
 
“The growth so far has been led by a sustained increase in ESIS for higher LTV residential mortgages as lenders increase their LTVs, and following the announcement by the Government, growth may be expected to continue over the coming weeks as the home mover market restarts.

“With so many borrowers in testing financial positions, whether they have been asked to take furlough leave or taken advantage of mortgage payment holidays or not, the advice and expertise offered by intermediaries will be more vital than ever in the months to come.”

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