According to the figures released, there has been a further reduction in the number of products available from lenders. Last week there were 7,477 products available, 7,179 (49.1%) lower than the nine-week average to 16th March. This is as a result of lenders continuing to reduce, amend or remove their products. On a positive note, product changes made by lenders have returned to their pre-pandemic levels, averaging 18 per day.
Last week saw a further reduction of 10.8% in the number of ESIS produced from Mortgage Brain’s mortgage sourcing systems when compared to the previous week, though the rate of reduction has dropped. When compared to the average over the nine weeks to 15th March the reduction stands at 42.7%. (Note: these figures have been adjusted to take into account the Bank Holiday).
More users were welcomed to Criteria Hub as they take advantage of the 90-day free access introduced to reduce pressure on lenders and help desks.
Mark Lofthouse, CEO at Mortgage Brain, said: “The figures from last week show a further massive reduction on products available from lenders but the reduction in the number of changes suggests that we could be reaching the new normal level in these abnormal times. While the number of ESIS produced has fallen, the rate of reduction has reduced and there will be an impact because of Easter.”
