From This is Money:
The rise in mortgage rates and lenders pulling mortgages as they reach the top of the best buy tables, to avoid a run of business, will further dent the potential for recovery in the property market.
Homebuyers and those hoping to remortgage have just a small window of opportunity to secure a mortgage, or face re-evaluating their costs.
A Bank of England report last week showed the average two-year fixed rate rising from 3.98% to 4.47% during June. Meanwhile, the time mortgages are on offer for is forecast to fall further.
Darren Cook, an analyst at Moneyfacts, said: ‘Libor and swap rates are continuing to prove unpredictable and I would not be surprised if the shelf life is cut even further during the next few months.
‘When the Bank of England cut interest rates by a total of 2.5% within two months back in November and December last year, the shelf life fell to only six days, which is less than the life of a pint of milk.’
Problems in homebuyers securing a mortg…