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Mortgage shelf-life hits three-month low

Homebuyers need to act fast to grab mortgage rates, with deals now disappearing within two weeks.

Analysis by comparison website Moneyfacts shows the average shelf-life of a mortgage product has fallen to 15 days, its lowest level since March.

The figure is down from 28 days a month prior. The lowest shelf-life average on our records was 12 days in July 2023.

Meanwhile, average two- and five-year fixed rates rose between the start of May and the start of June, to 5.93% and 5.50% respectively. The average two-year fixed rate remains 0.43% higher than the five-year equivalent – the gap between these averages has not been higher than this since October 2023 (0.50%).

Product choice overall at least rose month-on-month, according to Moneyfacts, to 6,629 options - its highest level since February 2008.

Rachel Springall, finance expert at Moneyfacts, said: “Despite the small uplift in rates, there was another rise in the overall product availability of residential mortgages, standing at its highest point in 16 years. 

“As lenders reviewed their ranges, which included repricing, launches and withdrawals, the moves led to the average shelf-life of a mortgage plummeting to 15 days, down from 28 days at the start of May.

"Year-on-year the overall availability of mortgages has risen by 1,662 deals, and within that pool of products, there are 156 more at 90% loan-to-value (LTV) and 124 more at 95% LTV. These rises are good news for borrowers who may be struggling to build a big enough deposit to secure a new deal. On the other end of the spectrum, there are just 98 more deals at 60% LTV, and month-on-month, there was a slight fall of 15 deals.”


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