Mortgages Uncovered

According to the independent financial website Moneyfacts.co.uk, most new mortgage products that appear on the high street have little more than an eleven day lifespan and are designed just to generate a quick burst of consumer interest.

In May last year the average length of time that a mortgage product was available was thirty working days. Bearing in mind that the products on offer are mortgages, which are considerable financial binds upon customers and certainly not things to be entered into lightly, even thirty days seems a bit short, let alone the paltry average of eleven days offered this year. In fact in April, there were some mortgage deals that appeared in various lender companies that lasted for as little as six days!

This dramatic shift has come at a time when loans and mortgages have become increasingly hard to come by, with available loans falling from 15,000 to 3,814 over a twelve month period. Because of this limited availability, any new home loans that come on the market tend to have an overwhelming response – far more in fact than staff are able to handle.

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