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Mortgage shelf life drops to new low

Eleanor Williams

Finance Expert & Press Officer
Published: 08/08/2022

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.

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BREAKING: Bank of England make biggest base rate increase in 27 years

The Bank of England (BoE) has voted to increase the base rate by 50 basis points today, the highest increase in 27 years. It now means the base rate stands at 1.75%.

The decision comes amid a backdrop of low economic growth but high inflation which is expected to hit 11% in October.

Currently inflation is recorded at 9.4%, meaning a typical basket of goods and services was 9.4% cheaper than one year prior.

The Monetary Policy Committee voted by a majority of eight to one majority to raise the rate to 1.75%. The minority vote preferred to increase the base rate by 25 basis points.   

The last time the base rate exceeded this figure was in December 2008, when it sat at 2.00%. It was promptly lowered by 50 basis points the following month in January 2009.

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Moneyfacts pick of the week

Last updated: 4th August 2022

The Moneyfacts Pick of the Week showcases the best of the latest products or rate changes to hit the consumer finance market, ranging from mortgages to savings accounts. This week, I have analysed the following deals, along with their perks, of note:

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Best UK residential mortgage rates this week

Last updated: 3rd August 2022

Cumberland BS products remain competitive.

On Monday, the mortgage affordability test was officially scrapped by the Bank of England. The result is that it has become easier for some consumers to access a mortgage.

To help those looking for a mortgage, whether a first-time buyer or remortgage borrower, Moneyfacts has compiled a list of the lowest rates on the market. In addition, if these offers do not suit you, we have listed alternative products, with some making their way onto our best buy table.

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Mortgage affordability test withdrawn from today

The loan-to-income check remains in place to help protect the financial system. 

The mortgage affordability test has been scrapped by the Bank of England (BoE) today, making it easier for some potential borrowers to access a mortgage.

The mortgage affordability test was used by lenders to calculate if potential borrowers could afford a mortgage among other bills and payments. It involved calculating whether potential borrowers would still be able to pay their mortgage if interest rates climbed up to 3%, according to the BBC.

However, the BoE has kept the loan-to-income check in place, meaning scrapping the affordability test “may not be as significant as it sounds”, according to Gemma Harle, managing director at Quilter Financial Planning.

“The loan-to-income ‘flow limit’ will not be withdrawn, which has much greater impact on people’s ability to borrow,” she said when the BoE’s intention to scrap the affordability test was announced in June.

Mark Harris, Chief Executive of mortgage broker SPF Private Clients, agreed with this view.

“It is not turning into a free-for-all on the lending front. Lenders will also still use some form of testing but to their own choosing according to their risk appetite,” he said.

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Why you should choose cashback over free legal fees

21st July 2022

With the Bank of England making five successive base rate increases, many borrowers have searched for fixed rate deals to provide security on their monthly payments. However, it goes without saying that the lowest rate on the market is not necessarily the best deal. There are other factors to consider too, such as potential incentives, which have become commonplace from many providers.

With the BoE making five successive base rate increases, many borrowers have searched for fixed rate deals to provide security on their monthly payments.

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How to cut the cost of a collapsed house purchase

15th July 2022

Sometimes things don’t always go to plan with a home purchase. There are occasions when the deal that you think is in the bag ends up falling through. There is no shortage of reasons why this might happen. Transactions can collapse due to down valuations, required repair work identified by a surveyor, or a simple change of heart leading to one of the parties walking away from the deal. What’s more, gazumping, when homeowners turn their backs on an agreed deal when a new buyer offering more money appears on the scene, is apparently on the rise.

Sometimes things don’t always go to plan with a home purchase. There are occasions when the deal that you think is in the bag ends up falling through.

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Rental prices grow at fastest pace on Rightmove’s records

14th July 2022

Average UK asking rents outside of London grew at a record pace, increasing almost 12% compared to last year. It means the average rental property has hit a new record of £1,126 per calendar month.

Average UK asking rents outside of London grew at a record pace, increasing almost 12% compared to last year.

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Fixed-rate mortgages rising at record pace

11th July 2022

As providers continue to revise and re-price their product ranges, data from the latest Moneyfacts UK Mortgage Trends Treasury Report shows that the average overall two- and five-year mortgage rates increased sharply this month. Both experienced the largest month-on-month rises on our records, which go back to 2007.

Data from the latest Moneyfacts UK Mortgage Trends Treasury Report shows that the average overall two and five-year mortgage rates increased sharply.

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Most Popular Mortgage News

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Best UK residential mortgage rates this week

3rd August 2022

Each week the moneyfacts.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.

Each week the moneyfacts.co.uk content team round up the very best mortgage rates available in the UK. Compare and apply today.

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BREAKING: Bank of England make biggest base rate increase in 27 years

4th August 2022

The Bank of England (BoE) has voted to increase the base rate by 50 basis points today, the highest increase in 27 years. It now means the base rate stands at 1.75%.

The Bank of England (BoE) has voted to increase the base rate by 50 basis points today, the highest increase in 27 years.

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Two and five year mortgage rates hit historic lows

11th May 2020

Although the number of mortgage deals have almost halved since March, the average mortgage rates on two and five-year fixed deals have hit historic lows

Although the number of mortgage deals have almost halved since March, the average mortgage rates on two and five-year fixed deals have hit historic lows

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Best lifetime mortgage equity release rates this month

29th June 2022

Statistics recently released by the Equity Release Council announcing fourth quarter and full year figures highlight the popularity of Equity Release products. During 2021, 76,154 customers took out new plans, made use of existing drawdown reserves or agreed extensions to existing plans.

Statistics recently released by the Equity Release Council announcing fourth quarter and full year figures highlight the popularity of Equity Release products.

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