news.today
Hello · Register today | LoginHello · My Account[—] [32]
Business

Mortgage deals vanish within 13 days as rates and volatility surge

Summarised from 4 outlets · Updated 19 Oct, 13:28 · Archive

Mortgage deals now last an average of just 13 days as lenders withdraw or reprice offers amid market volatility.

Mortgage deals are lasting an average of just 13 days as lenders repeatedly change or withdraw offers amid continuing market volatility. According to the latest Moneyfacts UK Mortgage Trends Treasury Report, the average mortgage product shelf-life fell to 13 days in September, down from 14 days in August. Although this remains above the record low of eight days recorded in April, the figures highlight how quickly borrowers' options can change.

The sustained volatility has been linked to movements in swap rates, which influence the cost to lenders of funding fixed-rate mortgages. Changes in these rates prompt banks and building societies to reprice deals or withdraw them altogether. So far in 2026, the average mortgage deal has remained on the market for just 15 days according to Moneyfacts data covering January to September. This compares with an annual average of 20 days in 2025, 22 days in 2022 and 43 days in 2019.

Average mortgage rates increased in October. The average two-year fixed-rate mortgage across all loan-to-value bands rose from 5.59% in September to 5.93% in October. The average five-year fixed rate increased from 5.63% to 5.95% over the same period. For borrowers with a 10% deposit, the average two-year fixed rate climbed from 5.80% to 6.15%, whilst the average five-year deal rose from 5.70% to 6.04%.

Those with a 40% deposit also faced higher average rates. Two-year fixes increased from 5.11% to 5.42%, whilst five-year fixes rose from 5.40% to 5.60%. Moneyfacts' average new mortgage rate reached 5.83% in October, up from 5.55% in September.

Adam French, head of consumer finance at Moneyfacts, said borrowers and brokers were facing an exceptionally difficult market. He stated that 'brokers and borrowers are navigating the most challenging mortgage market in modern records'. Anyone approaching the end of a fixed-rate mortgage should consider their options early, experts have advised.

Mortgage deals vanish within 13 days as rates and volatility surge
Image: Gazette & Herald

Comments (0)

How it is being reported

In this story: Moneyfacts · Adam French

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem