The average mortgage deal lasted just 13 days before lenders pulled it in October, new data shows, in a sign of the continued volatility largely caused by the fallout of the Iran war.
Across 2026, the average time for a deal being on the shelf is only 16 days – almost a full quarter lower than last year (20 days) and on track to be the shortest time they remain available since digital records started, according to data from Moneyfactscompare.co.uk.
This is a problem for homeowners who need to arrange a new mortgage deal – or for buyers looking to get a deal for their new property – as the market can swiftly alter and see their best choices disappear before they lock one in.
“Much of this uncertainty comes from the economic volatility being driven by the war in the Middle East,” said Adam French, head of consumer finance at Moneyfacts. “Each rumour of reconciliation or sudden escalation has influenced swap rates which in turn influence the cost of funding fixed-rate mortgages. Lenders have little choice but to reprice their deals or withdraw them altogether when those costs change.”
Close to 2m people needed a new mortgage fix in 2026, leaving the best part of half a million still to do so in the final three months of the year.
Mortgage product volatility was highest in April, just after the conflict in the Middle East broke out and surging swap rates due to oil price rises meant that lenders had to constantly refresh the rates they were offering to customers. At that time, the average shelf life of a deal was just eight days – the average from May to 1 October has since been around 13.8 days, meaning it’s now still on the rapid side for turnover time.
The average five-year fixed residential mortgage rate on 19 October is 5.99 per cent, having recently and briefly topped past the 6 per cent mark.
Prior to this year, the shortest shelf life for mortgage deals came in 2023, which was 19 days. Prior to Covid, however, the average was as high as 35 days for the years between 2012 and 2019.
Ian Harris, president of Propertymark, the National Association of Estate Agents, said it underlined the task facing those seeking a new deal as banks and building societies constantly react to money markets which influence prices.
“These latest findings highlight just how challenging the mortgage market has become. Continued volatility in swap rates is forcing lenders to reprice or withdraw products at short notice, creating added pressure for both borrowers and brokers,” he said.
“For borrowers, the key is to be prepared and seek advice early, particularly if their current fixed-rate deal is coming to an end. While it is difficult to predict where rates will go next, speaking to a mortgage broker can help borrowers understand their options and secure a suitable deal before it disappears. Crucially, decisions should be based on overall cost, affordability and individual circumstances, rather than simply chasing the lowest headline rate or trying to time the market.”
Most experts recommend homeowners looking to lock in a new deal as soon as they are able.
Often, once in the last six months of an existing product, a new one can be selected to roll into – and importantly, it can usually be switched to a different one if market conditions improve. However, if rates get worse and you haven’t locked in anything, you’ll miss out on a more affordable deal.
Read MoreMapped: What you need to save for Your First Home deposit in each region of England
Americans face another painful blow to mortgages and credit cards
What rising bond yields really mean for your savings, mortgage and pension
The number one scam targeting UK households, according to Citizens Advice
Cost of policing Drumcree now at £5.5m
Waterford family killed in arson attack were victims of ‘web of evil’
