Home-buying lenders wait for poll

The average shelf life of a mortgage deal has nearly doubled in the past month, rising from 17 days in March to 30 days in April, according to financial information group Moneyfacts.co.uk. The last time mortgage deals were available for this long was in August 2007, before the credit crunch crippled the market.

Moneyfacts said it had also seen 26 per cent fewer product changes during April than in March but the group said the figures did not necessarily mean the mortgage market was entering a more stable period. They were more likely to indicate that lenders were sitting on their hands until the outcome of the General Election is known.

Darren Cook, spokesman for Moneyfacts.co.uk, said: "Lenders may be waiting to see what influences a new Government will have on this recovering mortgage market."