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22% of house movers hit by mortgage issues

22% of house movers hit by mortgage issues

More than one-fifth of house sales or purchases have fallen through as a result of problems with arranging mortgages, new data has revealed.

Research conducted by Nottingham Building Society found that 22% of possible house deals have failed in the past five years because of mortgage issues.

Buyers faced the biggest issues with finance, representing 15% of those who were unable to move due to a mortgage, while sellers accounted for just 7% of the figure.

The news follows a 0.2% drop in house prices during August.

Su Snaith, head of estate agency at Nottingham Building Society, 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.

“Mortgage rates have never been lower and there is 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.”

Last month, research also revealed that over seven million homebuyers put themselves in serious financial risk by not having their new property surveyed. 

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