UK Money News
28th May 2008
Mortgage deals being removed from market quicker
The speed with which mortgage deals are withdrawn from the market has increased dramatically in the last year, new research reveals.
According to a survey conducted by price comparison web site MoneyFacts.co.uk, the average mortgage deal is currently available for around 11 working days.
A year ago, the figure was around 14 days - indicating a fall of 30 per cent.
Moneyfacts.co.uk also detected a huge decline in the number of mortgage products available.
A year ago, there were 15,000 deals on the market, but the site claims this has now fallen to just over 3,000.
Darren Cook, head of press at MoneyFacts.co.uk, 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.
"To avoid this, lenders are choosing to withdraw their products quicker than before in order to clear their demand bottlenecks."
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