Mortgage Brain sees product numbers increasing and ESIS volumes stabilising

Mortgage Brain sees product numbers increasing and ESIS volumes stabilising
29.04.2020 05:30 pm

Mortgage Brain sees product numbers increasing and ESIS volumes stabilising


Last week saw the number of available mortgage products increase for the second week in a row to 8,044 products, an increase of 488 (5.9%) from the previous week. The majority of the growth has been seen in the remortgage sector where the product numbers increased by 5.4%, while home mover products increased by 2.0% and BTL product numbers reduced by 1.9%. When compared to pre-pandemic levels, the number of mortgage products is 6,630 (45.2%) lower than the nine week average to 16th March. The increase is a result of lenders coming back to the market, increasing LTVs and relaxing some criteria.

Encouragingly, last week saw only a marginal reduction of just 0.5% 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 fifth week in a row though last week’s small reduction suggests that we are at or very close to the low point. When compared to the average over the nine weeks to 15th March the reduction stands at 46.9%. (Note: the figures have been adjusted to take into account the Easter Bank Holiday).

Mark Lofthouse, CEO at Mortgage Brain, said: “The increase in product numbers for the last two weeks and stabilisation of ESIS volumes is cause for cautious optimism.  The recent figures are encouraging and after taking into account any Easter effect we could be at the end of the dramatic week on week reductions, which is why we are now seeing stability and slow growth.”

“Stability and slow growth has enabled intermediaries and lenders to plan from a more solid base which in turn provides some certainty. Looking ahead there is pent up demand in the home moving sector and we’ll see indications of this being realised in the figures over the coming weeks and months”.

Related News

ClearBank Becomes First Clearing Bank to Offer Multi-Currency Bank Accounts via API

ClearBank, the cloud-based clearing bank, has become the first clearing bank to offer multi-... Read more »

Paymentology and Thought Machine Collaborate to Create Digital Banking Platform

Paymentology, the UK cloud-native payment processor, is partnering with digital banking platform Thought Machine, to bring rapid integration... Read more »

Commerzbank Issues the Second Own Green Bond €500 Million Worth

Commerzbank AG has today very successfully issued another Green Bond with an issuance volume of €500 million. It is the Bank’s second own Green Bond after the... Read more »

FT Survey: 78% Say UK Banks Have “Surprised Themselves” With Their Adaptability During COVID-19

Appian (NASDAQ: APPN) today published survey results examining the response of the UK banking sector to the coronavirus pandemic, revealing that nearly three-... Read more »

Saudi Arabian Fintech Hakbah Joins Visa’s Fintech Fast Track Program

Hakbah, an alternative financial saving platform based in Riyadh, Saudi Arabia, today announced that it has joined Visa’s Fintech Fast Track... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel