Mortgage deals being made available in the UK are disappearing much more quickly than was the case a year ago, according to recent research.
Figures compiled by MoneyFacts.co.uk have shown that the average length of time during which a mortgage product is on offer now stands at 11 days, which is a 30 per cent shorter period than was typical 12 months ago.
The issue could be a serious concern for anyone hoping to maintain control of their debt management position when their current mortgage deal comes to an end.
Indeed, the price comparison firm behind the latest data insists that securing a mortgage deal has now become “more of a lottery than an art” in the UK.
“I believe banks and building societies are being forced into these measures due to current market uncertainty,” said Darren Cook from MoneyFacts.co.uk.
According to figures from Credit Action, including mortgage arrears, the average British household has an outstanding debt management burden worth in excess of £57,000.
Written by Dan Mather