New mortgage deals being pulled within days

Mortgage deals are typically on offer for just 15 days before being pulled. This is the shortest shelf-life in six months, according to financial information service Moneyfacts. One adviser said the situation was adding extra stress to a huge financial commitment and making customers feel pressured to make a decision quickly. About 1.

6 million existing borrowers have relatively cheap fixed-rate deals expiring this year. Johnny Abbott, from Loughborough, falls into that category and is watching deals with increasing concern. The 39-year-old and wife Sophie, who have three children, are weighing up whether to get a new mortgage when their current deal comes to an end. Unless rates start to fall soon, they will have to cut back on costs.

That means no holiday, fewer swimming lessons, no gym or TV subscription. Many are left frustrated by trying to predict the direction of mortgage rates. First-time buyers require a new mortgage deal before they can think about setting up home. Investors expect the Bank of England to hold rates on Thursday.

Cuts in this rate, which is at a 16-year high, makes borrowing cheaper. At the start of March, there were 6,000 mortgage products to choose from. This is the widest selection since 2008. Lenders have extended their ranges, may offer various extras such as cashback.

But the volatility in the market means deals are only around for a few days. The average of 15 days is well down from 28 days at the start of February. It is only just above the record low of 12 days last July. Homeowners actually repaid more money on mortgages than they took out in new lending in the year to January.

First time this has happened since comparable records from the Bank of England began 30 years ago. Lenders, aware of what rivals are doing, may pull deals at short notice. Mortgage interest rates have risen to 5. 55% in the last few months.

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