If you’re looking for a new mortgage deal, make sure you act quickly when you find one you like, said Moneyfacts.

The financial information provider found that borrowers have a limited time to apply, as the average shelf life of a mortgage is now just 21 days.

Lenders are regularly repricing their deals as they try to appeal to borrowers in the current competitive market.

This is also the tenth consecutive month, that product choice has risen, up by 148 products in August to 4,660 – the highest it has been since March 2020.

While the total number of products is unsurprisingly higher now than during the height of the pandemic this time last year, current availability has recovered to 93% of the level seen in August 2019 (5,009).

Eleanor Williams, finance expert at Moneyfacts, said: “Our data shows that the amount of choice available to consumers has risen again this month with 4,660 total products on offer, the highest recorded in seventeen months.

“This month has seen the average shelf life for a mortgage product reduce by nine days to just 21 days, last seen in May 2017 and the joint lowest we have recorded. Borrowers considering their mortgage options may therefore find that products have a limited period when they are available, and so having the up-to-date market knowledge of a qualified adviser could be invaluable in ensuring they can secure their chosen product in time.”