Mortgage market is changing rapidly

The home loan market is changing at a rapid pace as banks roll out cheap mortgages to entice homeowners, it has been revealed.

Research from Defaqto found that 8,968 mortgages were either brought to market or updated by providers between April 1st and the end of June this year, with a further 600 products removed from the market at the same time.

The independent financial research company claims that the high number illustrates the fast pace of change in the banking sector, as well as the challenges facing providers of cheap mortgages.

"Competitor intelligence is central to success within a rapidly changing market - knowing what's changed as soon as it happens, being able to respond quickly and understanding how to communicate a product's USP to really hit home with target consumers," explained Brian Brown, Defaqto's head of consulting.

Meanwhile, Barclays has launched its lowest ever fixed mortgage rates and introduced a range of new deals.

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2011-07-18 13:27:31 © Moneyextra.com