"The increase in product changes and reduction in ESIS continues and has now been accompanied by a huge reduction in the products available from mainstream lenders."
Its data shows that last week there were 10,097 products available, 4,577 (31.2%) lower than the nine week average to 16th March.
Conversely, last week saw a 31% increase in product changes made by lenders (214) from the previous week. Comparing this to the three week average to 20th March, changes are 76% higher.
Last week also saw a further reduction of 15% in the number of ESIS produced from its mortgage sourcing systems, though the rate of reduction is reducing. When compared to the average over the nine weeks to 15th March the reduction is 36%.
Mark Lofthouse, CEO of Mortgage Brain, said: “The level of changes we’re seeing in the market due to the impact of Covid-19 is unparalleled. The increase in product changes and reduction in ESIS continues and has now been accompanied by a huge reduction in the products available from mainstream lenders.
"The rate of change is reducing and over the next few weeks I expect it to settle down. As the impact of Covid-19 lessens I believe that the market will then slowly move to its new, post pandemic, normal but this could take some considerable time.”
