Nearly a third of homebuyers who were mid-transaction when the lockdown began may have lost their exchange deposits as a result – and many more lost their mortgage offers. Can buyers guard against this?
The property market shutdown earlier this year proved especially painful for buyers nearing completion. In a recent survey by Butterfield Mortgages of over 1,300 homeowners and would-be homebuyers, three in 10 buyers said they had lost their exchange deposit as a consequence, due to the shutdown taking place after contracts had been exchanged. If this figure is in any way reflective of the market as a whole, it implies that many thousands of buyers could have lost life-changing sums of money.
By Nick Green, please read the full article on Unbiased.