Young family ‘devastated’ by loss of deposit due to Covid

A couple with a new baby lost their life savings of £33,000 when the buyer of their home lost their mortgage offer after exchange of contracts, collapsing their chain. And a study suggests that thousands more may have faced a similar nightmare.

Thousands of homebuyers lost deposits in property freeze

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?