Mortgage deals are disappearing faster than ever, with the average product now lasting just eight days as volatility continues to grip the market.
Latest data from Moneyfacts shows the average shelf-life of a mortgage fell from 14 days in February to a record low of just eight days in March – the shortest period since records began in 2011. The previous low stood at 12 days in July 2023.
The sharp drop reflects a market under pressure, with lenders rapidly repricing and withdrawing products amid renewed uncertainty over the path of interest rates.
Product availability has also taken a hit. The number of mortgage deals on the market fell by 1,283 month-on-month to 6,201 – the first time it has dropped below 7,000 since November 2025 and the lowest level seen in two years.
UPWARDS PRICING
At the same time, pricing has moved quickly upwards. The average two-year fixed rate rose by 1% during March, marking the biggest monthly increase since November 2022. Five-year fixed rates also climbed sharply, up by 0.79% — the steepest rise since July 2023.
Despite these increases, fixed rates remain below the average standard variable rate, which held at 7.13% month-on-month.
“This is awful news for first-time buyers.”
Rachel Springall, Finance Expert at Moneyfacts, says: “The lifespan of a mortgage deal has plummeted to a record low of just eight days on average and mortgage product availability has shrunk by around 17% in just one month.
“Fixed mortgage rates noted sizeable marginal increases month-on-month, such as with the average two-year fixed rate rising by 1% for the first time in nearly four years, way back in November 2022. The unrest in the Middle East caused mortgage mayhem, with lenders rushing to pull products from sale and reprice at higher rates throughout March.
“Unfortunately, this has led to a drop of almost 400 options for borrowers with just a 5% or 10% deposit or equity, awful news for first-time buyers.
“The market overall has experienced the worst upheaval to mortgage choice since the mini-Budget, yet another blow for borrowers over the past five years, which includes the surge in interest rates during the summer of 2023 amid higher inflation expectations.”
