Mortgage deals are disappearing within days as lenders rapidly withdraw or reprice products amid market turmoil linked to conflict in the Middle East. The average mortgage now remains available for just eight days, down from 33 days at the start of February, marking the shortest lifespan recorded since monitoring began in 2011. The number of available deals has also fallen sharply, dropping by 17 per cent in March to the lowest level in two years.

First-time buyers have been hit hardest, with nearly 400 products aimed at those with 5 or 10 per cent deposits pulled from the market. Lenders have been raising rates due to fears of resurgent inflation and uncertainty over future interest rate movements, creating what experts describe as the worst upheaval in mortgage choice since the market turmoil following the 2022 mini-Budget.

Average two-year fixed mortgage rates have climbed from 4.83 per cent at the start of March to 5.89 per cent, while five-year fixes have risen to 5.77 per cent. On a 200,000 pound mortgage over 25 years, this increase adds roughly 125 pounds to monthly repayments. Borrowers are being urged to act quickly, as lenders are repricing multiple times a week in an increasingly volatile market.