MORTGAGE BORROWERS URGED TO ‘MOVE SWIFTLY’ TO SECURE A DEAL – YOUR MORTGAGE

People considering a new mortgage “may wish to move swiftly” as product numbers and typical shelf life fall while rates are on the rise.

Mortgage products now have an average shelf life of 17 days, down from the previous record low of 21 days set in June this year.

According to Moneyfacts, total products on the market also continued to fall, going from 4,556 in July this year to 4,407 in August. It is also down from 4,660 in August last year.

The data site also revealed that pricing has increased for both two and five-year fixed rates for the tenth consecutive month, with five-year fixed rates surpassing 4% for the first time since 2014.

It comes after the Bank of England last week raised the base rate for the sixth consecutive time to 1.75%, up from the historic low of 0.1% in December 2021.

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