Almost 9,000 new or updated mortgage and remortgage deals hit the market between April 1st and June 30th this year, it has been revealed.
According to data from independent financial research company Defaqto, 9,968 home loans packages were made available to first-time buyers and remortgages customers.
A total of 414 new deals were launched within the three-month period, with 8,554 changes made to existing products, including alterations to loan-to-values (LTVs) and interest rates.
Defaqto head of consulting Brian Brown said: “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.”
He added that the pace of change in the mortgages and remortgages markets was “phenomenal”, with banks having a tough task in keeping ahead of the competition.
In other news, Clydesdale Bank recently announced that it is offering higher LTV rates on its home loans for first-time buyers and purchases of new residential properties .