The amount of time that mortgage deals are available is getting longer, suggesting that the dust is settling on the mortgage market, Moneyfacts has said.

Volatility has been rife in the mortgage market for the last year or so, but stability could be returning to the market as lenders have increased how long particular mortgage product are available to borrowers.

The average mortgage product was available for 24 working days in September, up from 18 working days the previous month, and the longest time a product has been on the shelves since October 2007.

Commenting on this change in the mortgage market, Darren Cook, spokesperson at Moneyfacts.co.uk said that while the mortgage market is “becoming much more static”, a return to “healthy competition within the market is still far from a reality.”

Despite the cost of wholesale funding falling for lenders, these rates remain “totally disjointed” from the price tag that customers are finding attached to mortgage products, he said.

“We have reached a plateau in the mortgage market and rates are unlikely to move noticeably from their current levels within the foreseeable future,” Mr Cook predicts.

And, with many economists expecting the base rate to remain at record lows for at least another 12 months, Mr Cook believes that borrowers might as well get used to the fact that the cost of financing mortgages and other personal debts will remain high for the foreseeable future.

© Fair Investment Company Ltd