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Nearly three-fifths of people consider abandoning house purchase due to chain delays, research finds
['Shekina Tuahene']
Mortgage Solutions
Nearly three-fifths of people – 59% – have thought about walking away from a house purchase due to frustrations along the chain, a study from a lender found.
The study revealed that 60% of UK homeowners had been caught up in a property chain when buying a home, with 24% delayed in the last five years.
Separate research suggested it took 109 days from a sale being agreed to exchange, 65% longer than it did in 2007.
Bridging loans can be used to purchase a property quickly and avoid delays, instead of waiting for a long-term mortgage to be approved.
Its research also found that 59% of people currently in a property chain would consider bridging finance if it were guaranteed to break the chain.