Average mortgage 'shelf-life' cut in half as lenders change rates

Aaron Strutt Image

The latest Moneyfacts UK Mortgage Trends Treasury Report data reveals the average shelf-life of a mortgage has dropped to 15 days, down from 28 days a month prior.

Mortgage lenders regularly change their rates for new and existing customers, but rates are being amended more frequently. This is mainly due to the almost constantly fluctuating cost of funding mortgages.

Moneyfacts highlights that the overall average two- and five-year fixed rates rose between the start of May and the start of June to 5.93% and 5.50%, respectively. The average two-year fixed rate remains 0.43% higher than the five-year equivalent. The average two-year tracker variable mortgage fell to 5.94%.

The average ‘revert to’ rate or standard variable rate remained at 8.18%, just shy of the highest recorded (8.19%) during November and December 2023. Product choice rose month-on-month to 6,629 options, its highest level since February 2008 (6,760).

Aaron Strutt, product director at Trinity Financial, says: "If you spot a rate that you like, it is often worth securing it, given the number of changes at the moment. If you apply for a mortgage directly it is unlikely you will be notified of a rate change, brokers are usually given a few hours’ notice.

“Mortgage lenders offer so many rates because they have separate pricing for property purchase and remortgages, and they also have many different arrangement fee options, which vary based on the deposit size. 


“The most competitively priced rates are five-year fixes, starting from around 4.35%. Many of the lender's standard variable rates are particularly high now, and it is best to avoid them where possible.”


Call Trinity Financial on 020 7016 0790 to secure a mortgage, book a consultation, or complete our mortgage questionnaire

The information contained within was correct at the time of publication but is subject to change.

Your mortgage is secured on your property. Your property may be repossessed if you do not keep up repayments on your mortgage

Get Started

Get started today

Speak to one of our mortgage experts. Book an appointment to come and see us or request one of our experts to call you.

Google Reviews
Book a Consultation Talk to an Expert
As seen in
Sunday Times Telegraph Financial Times BBC News The Express The Times