Mortgages have an average ‘shelf life’ of just 28 days, experts warn

The average “shelf life” of a mortgage is now just 28 days, meaning borrowers may need to act fast to secure a particular deal.

The typical 28-day time period that deals are hanging around for on the market before being pulled is half the 56-day average recorded in February, according to

It is also the shortest time period since Moneyfacts started recording the data in August 2018.

To add to the pressure on those scouring the market for a mortgage, rates are rising.

Moneyfacts said average two and five-year fixed-rate mortgages have been increasing for four months in a row.

But in some better news for borrowers, the choice of products is improving.

Moneyfacts said there are now 145 more products to choose from than a month ago.

The strongest growth in product choice has been in the 20% to 25% deposit ranges.

However, with a total of 2,404 mortgage products available in November 2020 across all deposit sizes, this is still around half the 5,077 fixed and variable rate deals recorded in November 2019.

The housing market has experienced a mini boom recently as home movers have been looking to complete deals ahead of a stamp duty holiday deadline on March 31 2021.

The stampede has put pressure on some elements of the home buying industry, and could mean the process takes longer for some borrowers than they may have expected.

Eleanor Williams, a finance expert at Moneyfacts, said: “Borrowers hoping to secure a new mortgage deal may do well to seek advice and support from an independent financial adviser, who will be able to use their knowledge of the market to assist with not only finding the right product for their circumstances, but also help with navigating potential concerns around any possible underwriting or conveyancing delays.”

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