You are here: Home - Mortgages - First Time Buyer - News -

Mortgage problems block one in three house sales

0
Written by:
13/09/2016
Mortgage issues are the main reason for house sales and purchases falling through, according to research.  

 

Just over a third of people (34%) who had tried to buy or sell in the past five years said their deal fell through because of problems securing a mortgage.

A similar number (32%) said their plans were scuppered because buyers changed their mind at the last minute.

The research by the Nottingham Building Society found one in six sellers who have had deals fall through have suffered more than one sale fail, while 11% of buyers have had more than one purchase fail.

Problems with chains were an issue for 25% of sellers who had seen deals fall through while issues with surveys affected 17%.

Su Snaith, head of estate agency at The Nottingham, said: “It is worrying that the successful outcome of many housing transactions relies so heavily on people getting the right mortgage for them very early on.

“Selling or buying a house does not have to be stressful but with hundreds of thousands of transactions failing every year it is clear that people need expert support and advice throughout the process. There is a limit to what you can do to stop people changing their minds but finance should not be an issue.

“Mortgage rates have never been lower and there are a wide range of competitive deals available but arranging finance can take time which should mean securing a deal in principle before starting on the process and sourcing expert advice on all aspects of the deal.”

Data from HMRC shows there were 104,200 residential property completions in July. This was up from just 73,430 in April, following the introduction of new buy-to-let stamp duty rules.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

ISAs: your back-to-basics guide for 2018/19

Here’s everything you need to know to make the most of your unused ISA allowance ahead of the 5 April deadli...

A guide to Sharia savings accounts

A number of Sharia savings products have upped their game in recent months, beating more familiar competitors ...

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week

Read previous post:
UK inflation remains static at 0.6% despite weaker pound

UK consumer price inflation rose by 0.6% in the year to August, defying expectations of a higher uptick.

Close