The new figures from Mortgage Brain reveal that July was the best month of the year so far for ESIS completions, but that mortgage product numbers fell again.
The company stated that July witnessed a higher number of ESIS being processed through its systems than any of the other months of this year, and taken on a per-day basis, the numbers for July were second only to those of February – pre-coronavirus lockdown.
Mortgage Brain also said that last month was its most productive this year, which it is crediting to high levels of demand within the property market post-lockdown.
Its figures show that the past six weeks have seen ESIS volumes for residential purchases hit levels approximately 10% above those before the virus. The Mortgage Brain CEO, https://www.beaconfinancialtraining.co.uk/wp-content/uploads/2020/06/cemap-online-and-classroom-training-uk.jpg Lofthouse, told Mortgage Finance Gazette that these stats were remarkable, adding:
“ESIS volumes have been trending healthily upwards for some time, a clear demonstration of just how strong demand to buy is from both owner occupiers and property investors.”
However, this is balanced by a continued drop in the numbers of actual mortgage products available from lenders. These fell for four weeks in a row, dropping a further 1.3% in the final week of July to hit 8,857 in total. Lofthouse pointed out that this leaves advisors with 40% fewer options than the pre-pandemic market.
Lenders must increase product range so advisors can capitalise on their CeMAP qualification to find the best products for their clients.