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Number of mortgage products drops by almost half over one week

Jessica Bird

April 14, 2020

mortgage products drop

Last week there were 7,477 mortgage products available, a 49.1% drop compared to the nine-week average to 16 March 2020, according to data released by mortgage technology firm Mortgage Brain.

 

This drop of 7,179 products is a result of lenders continuing to reduce, amend or remove their products in the face of COVID-19.

However, product changes made by lenders have returned to their pre-pandemic levels, averaging 18 per day.

Last week saw a 10.8% reduction in the number of European Standardised Information Sheets (ESIS) produced from Mortgage Brain’s mortgage sourcing systems, compared to the previous week.

However, the rate of reduction has dropped, now standing at 42.7% (adjusted for the bank holiday) compared to the average over nine weeks up to 15 March 2020.

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.”


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