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Moneyfacts have confirmed that the current shelf life of a mortgage deal is just 15 days. This represents the joint lowest amount of time on record, with the other period being October 2022. The shelf life of a mortgage product is the period of time that it is available on the market for customers to apply for it.
For comparison, if we take a look back to this time last year, the average shelf life for a mortgage product was 28 days.
It is also interesting to note that, according to Moneyfacts, the total number of mortgage products has dropped from 5,394 to 3,643, albeit this is a significant improvement on the 2,258 products available in October 2022.
They have also advised that the average rates for two and five-year fixes have fallen for the second month in a row, meaning that anyone who has recently secured a new deal but not completed on it may benefit from contacting their mortgage broker.