9,000 mortgage launched in last three months, says Defaqto
www.moneynews.co.uk > Mortgages > 9,000 mortgage launched in last three months, says Defaqto
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Money News |
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9,000 mortgage launched in last three months, says Defaqto
Tue 19th Jul 2011
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The actual numbers whittle down to a total of 414 entirely new mortgages and 8,554 changes to existing services, such as loan-to-value and interest rate tweaks on buy-to-let mortgages, across the three-month period from April 1st to the end of June.
According to Defaqto, the results demonstrate the rapid pace of change within the banking sector. Brian Brown, the analyst's head of consulting, described the transformation as "phenomenal".
The result is that leading mortgage providers such as Halifax are having to prove themselves increasingly flexible in order to stay ahead of the competition, such as offering switches from fixed to tracker rates.
Mr Brown added: "Providers in the banking sector are facing a number of significant challenges, including rapidly changing and crowded product markets and consumers with increasingly complex and individualised needs".
This comes as the Building Societies Association pledges to assist in the creation of a Diversity Index to assist in the coalition's policy of promoting diversity in the UK's financial and banking sector. A diverse financial system is seen as key to a strong economy.
Click here for more mortgages news
Related News : Mortgages |
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Related News : Halifax |
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