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.
By comparison, in February – before the war in Iran started – the average lifespan of a mortgage was fourteen days. Previously, the lowest average mortgage term was 12 days – this was in July 2023.
Even as the 2022 mini budget threw the mortgage market into disarray, the average shelf life was 15 days.
But it appears that the events of March, which have already sent mortgage rates soaring, have had an impact on how long deals remain available on the market. That means they’ve been at it for over a week now.
Meanwhile, Moneyfactscompare revealed that total 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 the lowest number in two years.
This is after lenders removed products from sale due to uncertainty about the future interest rate path.
Rachel Springall, financial expert at Money factssaid: “The turmoil in the Middle East caused chaos in the mortgage market, with lenders rushing to withdraw products from sale and reprice them at higher rates in March. Unfortunately, this has led to a drop of almost 400 options for borrowers with just a 5% or 10% deposit or equity, terrible news for first-time buyers.
“The market overall has seen the worst upheaval in mortgage choice since the mini-Budget, yet another blow to borrowers in the past five years, including the rise in interest rates in the summer of 2023 amid higher inflation expectations.”
If you are a borrower looking to take out a mortgage and are concerned about the impact of these events, rising mortgage rates and declining options, Springall recommends that you seek advice from a mortgage broker.
In fact, she said, it’s essential right now. “Real estate agents are an anchor in times of turbulence because they can help borrowers understand how best to pay for a mortgage or plan available options months in advance,” she says.
“Borrowers could look to overpay their mortgage as paying just £100 more per month could shave almost three years off their loan and save more than £25,000 in interest on a typical 5% mortgage.”
Emma Jones, director of Runcorn-based Whenthebanksaysno.co.ukspeaking to Newspage, agreed. She said: “That the average life of a mortgage is now just eight days shows the extreme uncertainty gripping lenders. It is difficult for lenders to price a product given the pandemonium of events in Iran that change almost hourly.
“At this rate, the aftermath of the mini-budget will be considered a minor mistake compared to today’s events and the support of an agent who can close deals as they become available and help people make a choice amid the confusion is paramount.”