The latest data from the Moneyfacts UK Mortgage Trends Treasury Report shows that the average length of time for which mortgages remain on the market has plummeted to a new record low. Mortgage products now only have an average shelf life of 17 days – four days fewer than our previous recorded low of 21 days (last seen in June 2022).
This reflects the speed at which providers are updating their offerings, but also means that those looking for a new mortgage have the shortest length of time we have ever recorded to try to secure their deal of choice.
It comes at a time when the FCA urged eligible borrowers last week to consider their mortgage options and switch to a more cost-effective deal to save money where possible.
It means prospective borrowers may need to move swiftly if they are to follow recent FCA guidance and are hoping to alleviate some of the pressure of the cost of living crisis by reducing their outgoings with a new mortgage deal.