Mortgage deals are disappearing from the market at one of the fastest rates seen in more than two years as lenders react to global uncertainty and shifting interest rate expectations, new figures show.
Data from the Moneyfacts UK Mortgage Trends Treasury Report reveals the average shelf-life of a mortgage product fell to just 14 days at the start of March, down sharply as activity picked up in February and lenders adjusted pricing amid volatile market conditions.
The figure marks a clear change from the seasonal slowdown seen in January and is the shortest average shelf-life since August 2023, when deals lasted 13 days, close to the record low of 12 days seen the month before.
By comparison, the average shelf-life was 15 days during the market turmoil that followed the 2022 mini-Budget.
STILL MORE THAN 7,000 DEALS
Although the number of available mortgage products dipped slightly month-on-month, choice remains above 7,000 deals.
However, lenders are expected to keep repricing or withdrawing products until there is more certainty over the future path of interest rates.
Average mortgage rates have already edged higher since the start of March, while the number of deals on the market has fallen, reflecting growing caution across the lending sector.
Remortgage borrowers are still under pressure to act, with fixed-rate deals remaining significantly cheaper than most lenders’ Standard Variable Rates (SVR). The average SVR currently stands at 7.13%, down from 7.68% a year ago, but still well above many available fixed rates.
ACT QUICKLY
Rachel Springall, finance expert at Moneyfacts, reckons borrowers need to move quickly in the current climate.
She says: “Borrowers looking to refinance would be wise to act quickly to secure a new deal, as the significant push in mortgage activity during February has led to a significant fall in the average shelf-life of a mortgage to just 14 days,” she said.
“The general optimism heading into 2026 for the market might have suffered a bit of a setback… uncertainty surrounding tensions in the Middle East puts pressure on inflation, gilts and swap rates, and the latter drives the cost of fixed rate mortgages.
“A hold to the Base Rate should not delay borrowers from refinancing, as they can still save a significant sum by moving off a Standard Variable Rate.”
