UK homebuyers given 13-day alert as they're told 'act now'
The average UK mortgage deal stays on sale for just 13 days, according to Moneyfacts, with borrowers being urged to act early as products are pulled, experts told Newspage. Adam French, head of consumer finance at Moneyfacts, said the pace at which lenders are pulling and repricing deals is squeezing the time borrowers have to shop around.
TL;DR
- Average UK mortgage deals are on sale for only 13 days.
- Lenders are rapidly pulling and repricing products, reducing shopping time for borrowers.
- Experts advise securing a mortgage deal immediately after a property offer is accepted.
- Borrowers should focus on their budget, paperwork, and early communication with advisers.
- The current market volatility is expected to continue until global conflicts resolve and government borrowing costs decrease.