The typical ‘shelf-life’ of a mortgage has fallen to a record low of just eight days – a lifespan not seen since records began in 2011.
To offer a comparison, back in February – before the war in Iran began – the average shelf life of a mortgage was 14 days. Prior to this the lowest average lifespan of a mortgage was 12 days – this was in July 2023.
Even when the mini-Budget of 2022 sent the mortgage market into disarray, the average shelf life was 15 days.
But, it would seem, events in March which have already sent mortgage rates soaring, have impacted how long deals are available on the market. It means they are now around for just over a week.
Meanwhile, Moneyfactscompare revealed, overall product choice has also shrunk by 1,283 options, falling below 7,000 options for the first time since November 2025. The current pool of 6,201 options is at its lowest count in two years.
This is after lenders pulled products from sale due to uncertainty over the future path of interest rates.
Rachel Springall, Finance Expert at Moneyfacts, said: “The unrest in the Middle East caused mortgage mayhem, with lenders rushing to pull products from sale and reprice at higher rates throughout March. Unfortunately, this has led to a drop of almost 400 options for borrowers with just a 5% or 10% deposit or equity, awful news for first-time buyers.
“The market overall has experienced the worst upheaval to mortgage choice since the mini-Budget, yet another blow for borrowers over the past five years, which includes the surge in interest rates during the summer of 2023 amid higher inflation expectations.”
If you are a borrower looking at taking out a mortgage and are worried about how these events, the rising mortgage rates and dwindling options might impact you, Springall urges you to seek advice from a mortgage broker.
In fact, she said, it’s essential at the moment. “Brokers are an anchor during times of turbulence as they can help borrowers understand how they can best afford a mortgage or plan the available options months in advance,” she said.
“Borrowers could try to overpay their mortgage, as paying just £100 more per month can shave almost three years off their loan and save over £25,000 in interest on a typical mortgage charging 5%.”
Emma Jones, managing director at Runcorn-based Whenthebanksaysno.co.uk, speaking to Newspage, agreed. She said: “That the average shelf-life of a mortgage is now just eight days shows the extreme uncertainty gripping lenders. It’s hard for lenders to price a product given the pandemonium of events in Iran that are changing almost by the hour.
“At this rate, the aftermath of the mini-Budget will be considered a minor blip relative to events today and the support of a broker who can lock in deals as they become available and help people make a choice amid the confusion is paramount.”