The mortgage market in the UK is becoming a lottery for people looking to secure a good deal on a home loan, it has been claimed.
According to Moneyfacts, mortgage deals are now typically available for only 11 days, which the company suggests leaves borrowers having to make borrowing decisions quickly and hope for the best.
The personal finance information firm also reports that the number of options available to British consumers has fallen dramatically over the past 12 months.
And this is viewed as particularly bad news for homeowners looking to avoid debt management disaster when they come to the end of their current fixed-rate mortgage arrangement.
"Until the current market readjustment is complete, the ability to time the mortgage market has become more of a lottery than an art, with the majority of today’s better deals expected to have disappeared by this time next week," a statement from Moneyfacts read.
The Council of Mortgage Lenders predicts that around 45,000 properties in the UK will be repossessed as a result of debt problems over the course of this year.