Mortgage deals are disappearing from the market at their fastest rate on record, as product choice declines and fixed rates rise, according to the latest data from Moneyfacts.

The average shelf-life of a mortgage fell to just eight days in March, down from 14 days in February and the shortest period recorded since tracking began in 2011. The previous low was 12 days in July 2023. The latest figure is also below levels seen during the market disruption following the 2022 mini-Budget.

At the same time, the number of available mortgage products dropped by 1,283 month-on-month to 6,201, falling below 7,000 for the first time since November 2025 and reaching a two-year low. Lenders reduced their offerings during March amid uncertainty over the direction of interest rates.

Fixed mortgage rates also rose sharply. The average two-year fixed rate increased by one percentage point over the month, the largest rise since November 2022, while the average five-year fixed rate rose by 0.79 percentage points, the biggest increase since July 2023.

Despite the increases, fixed rates remain below the average standard variable rate (SVR), which held at 7.13% in March. This is down from 7.60% a year earlier, and below the recent peak of 8.19% recorded in late 2023.

Rachel Springall, finance commentator at Moneyfacts, said: “The lifespan of a mortgage deal has plummeted to a record low of just eight days on average and mortgage product availability has shrunk by around 17% in just one month. Fixed mortgage rates noted sizeable marginal increases month-on-month, such as with the average two-year fixed rate rising by 1% for the first time in nearly four years, way back in November 2022.

“The unrest in the Middle East caused mortgage mayhem, with lenders rushing to pull products from sale and reprice at higher rates throughout March. Unfortunately, this has led to a drop of almost 400 options for borrowers with just a 5% or 10% deposit or equity, awful news for first-time buyers. The market overall has experienced the worst upheaval to mortgage choice since the mini-Budget, yet another blow for borrowers over the past five years, which includes the surge in interest rates during the summer of 2023 amid higher inflation expectations.

“Concerns surrounding the possibility of inflation getting out of control this year has completely flipped the projected path of interest rates. The start of 2026 appeared promising, especially for borrowers about to remortgage, but it’s all changed. The tide could turn once the markets feel more confident about future rate pricing, but borrowers who are due to come off a deal soon will be incredibly frustrated by mortgage rate hikes.

“If someone took out a typical mortgage now, compared to the start of March, it would cost them around £1,800 a year more in repayments on a two-year fixed deal. Worse still, borrowing the same size loan on a typical mortgage now, compared to 2021 on a five-year fixed deal, would cost around £5,000 more in mortgage repayments over one year.

“It will be essential for borrowers to keep calm and seek advice from a broker to navigate the mortgage maze. Brokers are an anchor during times of turbulence as they can help borrowers understand how they can best afford a mortgage or plan the available options months in advance. Borrowers could try to overpay their mortgage, as paying just £100 more per month can shave almost three years off their loan and save over £25,000 in interest on a typical mortgage charging 5%.”