This is the first increase for six weeks and could indicate that the downward trend has ceased.
The number of European Standardised Information Sheets (ESIS) being produced from Mortgage Brain's mortgage switching sourcing systems increased by 3.8% last week, compared to the week before.
This is the first increase for six weeks and could indicate that the downward trend has ceased.
However, when compared to the average over nine weeks to 15 March, the number of ESIS produced remains down by 44.9%.
Last week saw no material change in the number of available mortgage products, which stood at 7,976.
The number of products has remained stable for four weeks, seeing a marginal increase, which may again indicate the end of the downward trend.
Compared to pre-pandemic levels, the number of products is still 6,698 (45.7%) lower than the nine week average to 16 March.
Mark Lofthouse, CEO at Mortgage Brain, said: “Over the last four weeks we’ve seen the ESIS volumes stabilise and record the first increase last week, and the product numbers show a marginal increase which could signal that the dramatic changes in the market have come to an end.
"As lenders continue to increase their [loan-to-value ratios (LTVs)] the business levels should slowly increase and when the purchase market comes back to life the growth should be more pronounced.
“The market is showing the first signs of growth and if the anticipated slow easing of the lockdown measures happens, intermediaries and lenders could look forward to more growth and slowly working our way back towards normality."
