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Defaqto: Almost 9,000 mortgage products launched in Q2

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  • 18/07/2011
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Defaqto: Almost 9,000 mortgage products launched in Q2
Almost 8,970 mortgages were either brought to the market or updated by providers between April and the end of June this year, data from Defaqto has shown.

According to the financial research firm, a total of 414 new mortgages were launched within the three months, while 600 products were removed during the period.

Providers made 8,554 changes to existing products, including amendments to their loan-to-values and interest rates.

Almost 190 fixed rate mortgages were introduced, 4,815 changes introduced to existing fixed rate deals and 309 fixed rate products were removed from the market by lenders.

Defaqto found that 80 standard tracker rate mortgages were launched and that providers made 1,687 changes to existing products.

Around 100 buy-to-let mortgages were brought to the market, with lenders making a total of 715 changes to existing products and removing 66 from the market.

To help lenders keep up with product changes, Defaqto has launched a web-based product research application called Defaqto Matrix.

The tool will help providers understand where their products sit in relation to competitors’, what features their products need to have in order to stand out and how to position them for maximum impact.

Brian Brown, Defaqto’s head of consulting, said: “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.

“Defaqto Matrix provides access to independent, accurate and comprehensive financial product data. It is a key enabler to help firms stand out from their competitors and grasp opportunities head on.”

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