Consumers see cheap home mortgages disappear
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Financial advice website Moneyfacts has released a new report which shows how market volatility has led to lenders pulling mortgage products more quickly than they used to.
Financial advice website Moneyfacts carried out the research, which claims that lenders are withdrawing home mortgages with good rates within days of announcing them due to the volatile market.
The report shows that rising interest on fixed-rate mortgages means deals quickly become too unprofitable for lenders and they are taking them off the market.
Darren Cook, an analyst contributing to the Moneyfacts Treasury Report, said: "It is bad news for consumers that mortgage deals are only appearing in the window for such a short period. There are now only a limited number of cheaper deals available and before the consumer has chance to look at them a second time, they are gone."
The shelf-life of cheap home mortgages in the UK has been reduced from 23 days to 14 days in the past month and Mr Cook puts this down to the volatility and unpredictability of the London Interbank Offered Rate and swap rates.
He is expecting the mortgages to be taken away even quicker as the year moves on, possibly reaching November and December 2008 levels of six-day shelf-lives.
A slew of high street banks increased interest rates on their mortgages in June, including Nationwide, Chelsea Building Society, Cheltenham & Gloucester and Abbey.
Fixed-rate home mortgage customers at Halifax were also hit by rising rates, while those looking to take up Principality Building Society's ten-year deal saw an increased rate of 5.39 per cent, up from 5.19 per cent.
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