Mortgage deals collapsing in Christmas rush costing homebuyers up to £75,000 👉 A delay in conveyancing procedures has led to many facing property collapses in the coming months
Anyone borrowing £350,000 for a property, who is seeing a rate rise of 3 per cent as a result of delays, will be paying around £50,000 more in fees over the next five years.
Mr Sykes added there are “many” other examples of clients having offers expired, with rate increases leading to mortgage repayments now falling into the six-figure category and certain people not being able to go ahead with the purchase as previously planned.The tax cut saw a rise in the number of first-time buyers rushing to take advantage of lower costs, which in turn led to a backlog of people looking to hire a conveyancer.
Despite this, Mr Sykes suggested that hopefully, delays should ease soon as transaction volumes decline. “The change in mortgage rates has already seen our monthly mortgage payment increase by 50 per cent from £800 a month to £1,200.“If we lose our mortgage offer that we received in June from NatWest next month due to the delays, we will have to start the process all over again and will not be able to get a mortgage offer for the same rate.”
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