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One in ten homebuyers suffer mortgage-related problems

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Written by: Owain Thomas
27/04/2018
One in ten homebuyers had a problem or delay while getting a mortgage when purchasing a property, according to research by Which? Mortgage Advisers.

Two thirds of homebuyers suffered problems with their purchase, with a range of issues reported.

Alongside the 10% that had a problem or delay while getting a mortgage, 12% experienced problems on completion day, 8% were frustrated by conveyancers and 7% by surveyors.

Delays in the chain were the most common (19%) disruption along with failing to find a suitable property (18%).

Other sources of problems for the 2,000 surveyed were the property bought being left in poor condition or with unexpected furniture (13%), while the removals company disrupted 10% of purchasers.

The research comes after Which? previously found three in 10 property purchases fall through, emphasising the obstacles homebuyers and sellers face in the UK.

David Blake, principal mortgage adviser at Which? Mortgage Advisers, said: “Moving home can be time-consuming, stressful and expensive. While there are some problems that are out of your control, there are some things you can do.

“Clearer communication and opting for well-respected mortgage advisers, removal companies and conveyancers who are able to work to your timescales can all help to give you a smooth move.”

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