Mortgage Brain has seen a substantial reduction in mortgage products and an increase in lenders changing their products on its mortgage sourcing systems.
Over the past week, the company said there has been a large reduction in the number of products available from lenders. Last week there were 10,097 products available, 4,577 (31.2%) lower than the nine week average to 16 March.
Mortgage Brain put this down to lenders reducing, amending or removing their products. 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 20 March, changes are 76% higher.
Mark Lofthouse, CEO at 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 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.”