Buyers have 14 days to choose a given mortgage deal


Homeowners looking to move rather than upgrade their existing property with a conservatory or pool house only have a matter of weeks to take advantage of any particular offer, it has been stated.

Recent figures show the average mortgage product is only on the market for an average of 14 days before being withdrawn.

The Moneyfacts statistics show there was a nine-day decrease in the length of time a deal stays on offer between May and June.

Click n Go Mortgages broker Peter Cowell explained lenders are attempting to limit their exposure to risk by offering a limited amount of agreements on each deal.

"The detrimental effect is on clients because they find a product that they want and which suits their requirements and they have to be very quick about it otherwise it will just disappear," he said.

According to recent figures from the Council of Mortgage Lenders, an estimated £12.3 billion was lent in the UK last month – up from £10.5 billion in May."ADNFCR-1495-ID-19273556-ADNFCR"

 

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