The Sunday Times - Mortgage panic-buying means best rates are flying off the shelves
Mortgage deals disappeared at a record rate last month as homeowners scrambled to secure new deals before they became more expensive.
The average shelf life of a mortgage deal was 12 days between June and July, the financial data analyst Moneyfacts said.
Aaron Strutt from Trinity Financial told The Sunday Times: “Bank of England rate hikes have put huge pressure on the mortgage sector, increasing funding costs and reducing mortgage availability.
“Lenders say that the ongoing spikes in mortgage applications mean they have been struggling to price their mortgages. If rates are available for too long, then the lenders use the allocated funds more quickly than normal.”
Mr Strutt added: “The rate changes seem to have slowed down for now, but borrowers still need to submit their applications fast if they see a decent deal. Many lenders allow borrowers to switch rates if they come down.”
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