Mortgage Brain has announced that it saw the number of products on the mortgage market stabilise last week, following several weeks of substantial falls.
The mortgage technology expert revealed that it had registered 7,425 products available on the market last week, a reduction of just 52 from the previous week, which reflected a fall of less than 0.1%.
The latest figure is a sharp contrast from last week, when Mortgage Brain announced there had been a 49.1% drop in the number of the products, suggesting it had been a result of lenders continuing to reduce, amend or remove their products.
When compared to pre-pandemic levels, the number of mortgage products is still 7,249 (49.4%) lower than the nine week average to 16 March, although Mortgage Brain reported it had seen the first signs of lenders coming back to the market and increasing LTVs.
However, the technology expert also indicated there was a further reduction of 6.9% last week in the number of ESIS produced from Mortgage Brain’s mortgage sourcing systems, when compared to the previous week.
The rate of reduction has continued to shrink for the fourth week in a row, which the mortgage expert suggested means the “low point is being reached”.
Mortgage Brain CEO, Mark Lofthouse, commented: “The figures from last week are encouraging and after taking into account any Easter effect we could be at, or close to, the end of the dramatic week on week reductions.
“With the first signs of lenders coming back into the market and increasing LTVs this may be looked back on as the turning point, but only time will tell.”
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