She warned that the rapid repricing of lender ranges had compressed the average shelf-life of a mortgage deal to just 11 days — its lowest since April — making early advice more important than ever for those approaching remortgage.
Springall noted that while switching to an existing lender offers convenience, borrowers should shop around first, particularly those coming off low-rate deals. She, however, stressed that “waiting too long to secure a new deal could be an expensive mistake.”
On product availability, Springall said choice had risen for a fourth consecutive month, with 90% of deals returning following the mass withdrawals between March and April, including at higher LTV tiers such as 95% and 90%.
“There is always more room for improvement to the choice of deals in this sector, especially to draw in new business from first-time buyers, who remain the lifeblood of the mortgage market,” she said.
“After a significantly volatile few months, it will be vital for lenders to tailor their ranges to cater to demand and support existing customers, such as tweaking affordability criteria or offering upfront cost-saving packages.”