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Interest rate cuts `were not anticipated by consumers` Nearly half of young mortgage holders `need help from family` Abbey cuts mortgage rates New arrears guidance issued by CML Mortgage fraud `on the up` CML expresses concerns over sale and lease back schemes Business groups call for further rate cuts Interest rate cut `will help some struggling borrowers` Mortgage approvals `hit by continued market uncertainty` Company reduces rate of home loans Mortgage rates `to rise` Consumers `will be hit by reduced credit` `Nearly £20k` needed to secure a mortgage Borrowers urged to take advantage of good mortgage deals Mortgage lending falls in August Variable-rate mortgages `increasingly appealing to homeowners` Parents `relying on loans to cover school fees` Further mortgage rate cuts announced Remortgaging `on the rise` Mortgage lenders call for swap plan renewal

Moneyfacts highlights shelf life of mortgage deals

29/05/2008

Comparison site Moneyfacts.co.uk has highlighted the fall in the shelf life of mortgage deals across the UK.

Anyone looking for a secured loan may be interested by news that, over the course of a year, the shelf life of a mortgage has decreased from 30 days to 11.

"I believe banks and building societies are being forced into these measures due to current market uncertainty," said Darren Cook, head of press at Moneyfacts.co.uk.

"As a consequence, they are reducing the level of funds on offer, even though demand has not reduced."

It was also noted that the total number of available mortgage products has decreased to 3,814, from a previous total of more than 15,000.

In related economic news, data released by the Bank of England currently shows that interest rates are set at five per cent; at three per cent, inflation is currently over the Bank`s target of two per cent.

Many debts unaffected by base rate cut 09/01/2009 - Yesterday, many borrowers welcomed the Bank of England’s base rate 1.5% base rate – an historic low 08/01/2009 - Today’s base rate cut by the Bank of England’s Monetary Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according