Home buyers ‘could be confused by lenders’

Mortgage providers may be causing confusion for prospective homeowners by rapidly withdrawing new products from the market, one expert has suggested.

Peter Cowell, broker at Click n go Mortgages, said the average shelf life of a mortgage offer is reducing because lenders do not want to expose themselves to unnecessary risk.

He remarked: “The detrimental effect is on clients because they find a product that … suits their requirements and they have to be very quick about it otherwise it will just disappear.”

This means it is important for buyers to research what is available thoroughly, but still be quick in purchasing products before they become inaccessible, Mr Cowell added.

His comments come after a Moneyfacts report published on July 17th revealed that the average package was only on the market for 14 days in June, although the number available had increased from just 33 to 1,299.

By Francis Finch