#14 Don't miss that mortgage deal!

by Jane Baker on 24 July 2009  |  0 comments
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Today's pearl of 'what not to do with money' advice is for all first-time buyers and for borrowers who are remortgaging.

Today's pearl of 'what not to do with money' advice is for all first-time buyers and for borrowers who are remortgaging.

#14 Don't miss that mortgage deal!

In this choppy economic climate, mortgage rates seem to be changing unbelievably fast. In fact, if you see a deal which catches your eye, blink and you'll miss it.

On average, mortgage deals are now available for just two weeks before they disappear off the shelves forever. There's no question a mere 14 days is an exceptionally short window of opportunity.

But why only a fortnight? It's all to do with the ever-changing cost of funding for lenders right now. If the costs increase, which will probably be the case for some time to come, you'll see cheaper mortgage rates are quickly withdrawn, and replaced with more expensive ones to maintain lenders' profit margins.

But I'm not saying you should rush your decision. After all, I can't really overestimate the importance of getting the right mortgage for you. But delay for too long, and you could be disappointed.

When you've found a deal that fits the bill, I strongly suggest you get your skates on and apply before it's too late, because the deals that come next may not be so attractive.