With interest rates rising and the likelihood of further rises to come, borrowers are rushing to lock in the best mortgage rates. However, many are missing out on the best deals, with a number of UK banks withdrawing products at short notice. In fact, the average shelf life of a mortgage deal has fallen to a record low of 21 days, according to finance website Moneyfacts.
Furthermore, rising demand and falling staff levels due to Covid have seen many lenders experience processing delays, with applications taking five working days or more, compared to one or two days under normal circumstances. Product withdrawals are however a fairly regular occurrence in the mortgage market, either because lenders wish to reprice their product range or perhaps simply maintain service levels.
While the news of processing delays and product withdrawals is likely to cause anxiety amongst borrowers, competition in the mortgage market remains. According to Moneyfacts, there were an additional 162 options brought to market in April 2022, bringing the total number of products to 5,087. So, while missing out on a mortgage deal may be frustrating, similar deals are likely to be available elsewhere.
How to avoid missing out on the best mortgage deals
The best way to avoid missing out on the best mortgage deal is to speak with a reputable, independent mortgage broker. A good mortgage broker will use their experience and knowledge to ensure you get the best deal. They can help to process your mortgage application quickly while providing updates along the way. If you are looking for a reputable mortgage adviser, then you could consider Habito*. Its team of experienced mortgage advisers offer whole-of-market advice and users can upload documents quickly and efficiently via its slick online portal. Alternatively, check out Vouchedfor* to get a free mortgage review from one of its 5 star rated mortgage advisers.
You may also want to check out our regularly updated commentary on what is happening in the housing market, our predictions on what is likely to happen to interest rates and our guide on the right time to remortgage.
If a link has an * beside it this means that it is an affiliated link. If you go via the link Money to the Masses may receive a small fee which helps keep Money to the Masses free to use. The following link can be used if you do not wish to help Money to the Masses - Habito, Vouchedfor
