Moneyfacts: Average shelf life of a mortgage rate just 17 days
Mortgage rates had an average shelf life of just 17 days in July – four days fewer than in June when they were typically available for 21 days. This is according to the latest Moneyfacts UK Mortgage Trends Report.
The reduction in mortgage rate availability reflects the speed at which banks and building societies have updated their products following successive Bank of England base rate rises.
It also comes at a time when the Financial Conduct Authority urged eligible borrowers to consider their mortgage options and switch to more cost-effective deals to save money where possible.
Aaron Strutt, product director at Trinity Financial, says: "Mortgage lenders have been making a huge number of rate changes over the last six months, and rates have got more expensive. Our brokers are on hand to explain to borrowers what is happening and how we can help."
The Moneyfacts report also shows the overall number of mortgage rates available has reduced. At the start of August, there were 4,407 mortgages on offer, which is 149 fewer than were available at the start of July.
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