Mortgage Brain has reported increases in both the number of mortgage products on the market as well as the volume of ESIS produced from its own mortgage sourcing systems, each reaching their highest level since their post-pandemic lows.

The number of available mortgage products on the market now stands at 8,203 which is 10.5% higher than its lowest point five weeks ago, and 2.6% higher than last week. When compared to pre-pandemic levels, however, the number of mortgage products is still 6,471 (44.1%) lower than the nine week average to 16 March.

The mortgage technology expert also stated the ESIS produced from its mortgage sourcing systems have now increased for three weeks in a row and sit 17.9% higher than their lowest point, which was in the week ending 19 April.

Last week saw an increase of 4.8% compared to the week before, although when compared to the average over the nine weeks to 15 March, Mortgage Brain suggested the number of ESIS produced still remained down by 37.4%. 

Mortgage Brain CEO, Mark Lofthouse, commented: “The announcement by the Government to recommence valuations and let estate agents reopen started to take effect in the second half of last week.

“At this stage it is difficult to tell if the increase in ESIS volumes is the start of the road to recovery or intermediaries progressing pre-pandemic cases. The increase is positive and importantly there has also been a noticeable increase in the home mover and purchase ESIS produced.”
 
“The return by lenders to higher LTV mortgages is slowly increasing the number of products available and while it may be some time before we return to anything approaching previous levels, the changing circumstances of many people makes independent advice even more important.”

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