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House buyers face missing out on mortgages due to backlogs

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Homebuyers are facing higher mortgage rates, as record numbers of offers expire amid backlogs caused by the surging housing market. Mortgages are becoming increasingly costly as interest rates rise, meaning borrowers whose offers run out will have to pay hundreds of pounds more per month or lose the property. The share of mortgaged property transactions taking more than six months to complete has nearly tripled since 2019 to hit a record high of 13.9% this year, according to analysis by Hamptons. This means that one in seven buyers is unable to complete before the six-month expiry date of their offers. There were 71,000 mortgage approvals for home purchase in December 2021, according to data from UK Finance. Nearly 10,000 buyers will therefore this month be left scrambling to find new mortgage offers so that they can proceed with their home purchases. If the rate continues over the next 12 months, more than 100,000 purchasers will be left in the lurch. The delays will cost home buyers thousands of pounds more per year on their mortgage bills.

The Daily Telegraph

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