Nearly 9000 new or updated Mortgage products released from March - June

A report from Defaqto, found that almost 9000 mortgage products have been launched or updated between March and June this year. Fixed rate deals saw the most change, with 186 new fixed-rate loans introduced, and changes to 4815 existing products. The trend is for these deals to offer a cheaper rate of interest, with Woolwich claiming some of its lowest ever rates with a 2 year fixed deal now at just 2.54% (2.49% for existing customers).

Tracker mortgages saw some variation as 80 new products were released, and changes made to 1687. For borrowers unsure about committing to a fixed mortgage, Accord is offerring a five-year hybrid tracker/fixed mortgage which consists of a two year tracker mortgage at 2.19% (Bank of England base rate + 1/69%) followed by a 3 year fix at 3.64%.

There has also been a rise in the number of 90% LTV mortgages available, with over 300 products now available. This is the first time there have been over 300 90% mortgage products available since Novermber 2008.