Short shelf life for mortgage deals

The average new mortgage lasts as long as the shelf life of a pint of milk, according to new research.

Independent financial advice site Moneyfacts.co.uk has said that the average mortgage deal is now available for just 11 days, compared to 30 days a year ago.

Darren Cook, head of press at Moneyfacts.co.uk, explained that the issues are due to uncertainty in the market.

Mr Cook said: "Lenders with products available are experiencing unprecedented levels of demand, which impinge on their back room staff's ability to cope and on the company's capacity to provide a good level of service."

According to Moneyfacts, there is a way to avoid the pitfalls. First-time buyers need to "access a reliable mortgage data website" and record and monitor between ten and 20 different deals to make an informed decision.

The latest figures from the British Bankers' Association show that mortgage approvals were actually up nine per cent in April compared with March figures.

Mortgages News posted on 28/05/2008 15:52:08