Nottingham Building Society has conducted some research and found that over 1 in 3 house sales fell through because buyers or sellers could not arrange a mortgage in time.*
The 1 in 3 statistic was not too much of a surprise to me (you may have heard this statistic yourself, as it’s been floating around the property industry for many years).
What I did find somewhat surprising is the statistic that 34% of people blame finance problems as the reason why their transactions fall through! Wow!!! And I say “wow” for good reason”. Stay with me here, I’m getting there….
There are very few GOOD reasons why a transaction should fall through due to mortgage issues. The only thing I can think of is that buyers have made some assumptions about what they can and can’t do. The research doesn’t go into detail about how many of the “fall through’s” were folks who have gone the DIY route (ie, going direct to a lender). However, I’m guessing (and yes it is a guess, albeit an educated one) that most of those have gone the DIY route.
Why? Well, if you go through a professional process with a qualified non-tied adviser, he or she will give you very good steer on what’s possible for your own circumstances. There should be no reason for surprises if you follow the process!
Clearly, we’d love it if you speak to us, and our previous clients are very likely to speak to us first anyway (they understand the process, like it and don’t want any surprises). But if you’re not currently a client and you want some clarity about what’s possible and you don’t like surprises!, you should give us a shout.
We can’t do anything to stop people changing their minds, but we CAN make sure that your mortgage is not the reason for a fall-through…that would be the WRONG reason.
Mortgage Rates are at their lowest ever level right now and the choice of products is quite simply staggering. Mortgage finance can take some time to arrange, so my advice is very clear – Engage with us at an early stage and get your plan together. It’s very rarely too early to start planning.
Go on, give us a call and get your plan in place!
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