Mortgage deal lifespan shortens in June

The average shelf-life of a mortgage product fell to 14 days in June, almost half the amount of time they were available in the previous month, according to the latest monthly Moneyfacts Treasury Report on UK Mortgage Trends.

In May, the average shelf-life of a mortgage deal was 23 days.

The report also shows that the number of available residential mortgage products grew by 33 to 1,299 in June.

Moneyfacts says this is due to escalating fixed mortgage rates, combined with lenders withdrawing and replacing products as they become too popular.

Darren Cook, an analyst contributing to the Moneyfacts Treasury Reports, says it is bad news for consumers that mortgage deals are only appearing in the window for such a short period.

He says: "There are now only a limited number of cheaper deals available and before the consumer has chance to look at them a second time, they are gone.

"Libor and Swap rates are continuing to prove unpredictable and I would not be surprised if the shelf life is cut even further during the next few months.

"When the Bank of England cut interest rates by a total of 2.5% within two months back in November and December last year, the shelf life fell to only six days, which is less than the life of a pint of milk."