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Grab that fixed-rate mortgage before it disappears!

If you believe the headlines in the UK mortgage sector it would appear that there are various offers available on a regular basis with attractive fixed interest rates. However, it has emerged that the average shelf-life of a fixed-rate mortgage offer in the UK at this moment in time has fallen from 23 days to 14 days. Cynics believe that mortgage companies are using these short-term offers to grab headlines and attract the attention of home buyers, only to attempt to sell them a different deal from the one advertised (if it has expired).

However, it has to be said that while there is significant competition in the mortgage market the money market rates are changing and the prospects for the UK economy and property sector are also fluctuating on a regular basis. Whether the fluctuations warrant a reduction in the average lifespan of these fixed-rate mortgage agreements is debatable but there are definitely two sides to this particular coin.

The underlying position is very different to that which appears in the press, with mortgage funding still under significant pressure and more are more home buyers struggling to secure funding. A recent report by the IMF (International Monetary Fund) suggested that the UK economy desperately requires further liquidity otherwise we could see a further downturn.

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