The number of products has almost halved over the past week from 14,656 to 7,477 according to figures from Mortgage Brain.

The dramatic fall comes after lenders withdrew scores of high loan-to-value products and other more risky deals as they are no longer able to instruct physical valuations of properties due to the lockdown.

The sourcing system also reports a steep decline in the number of European standardised information sheets downloaded by advisers.

These have dropped by 11 per cent week on week and by 43 per cent compared to the period prior to the pandemic.

However, the number of product changes made by lenders have returned to the levels seen before the coronavirus crisis at an average of 18 per cay.

On a positive note, product changes made by lenders have returned to their pre-pandemic levels, averaging 18 per day.

Mortgage Brain chief executive Mark Lofthouse says: “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.”