Mortgage News
Two-thirds of sellers demand chain-free buyer – MPowered Mortgages
Two-thirds of buyers want a chain-free process and will demand a high price from a buyer in a chain, which could leave some buyers out in the cold.
According to MPowered Mortgages’ House Pace Index, which surveyed around 4,000 people, 29 per cent said they would expect a bigger offer from a buyer who is in a chain.
The report said that vendors usually receive around three offers before agreeing a sale, and one in 10 sellers wait for at least five offers.
It also noted that younger sellers were twice as likely to wait for more than five offers compared to those aged over 55.
The report found that 41 per cent of sellers want a cash buyer for their property and over half were looking for first-time buyers with a mortgage decision in principle.
Stuart Cheetham, CEO of MPowered Mortgages, said: “Our study shines a light on what makes a proceedable buyer and it’s clear that chains can put buyers at a disadvantage.
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“However, if you find yourself in a chain, you need to make the best case possible to be an attractive candidate when putting in an offer.
“That means having a mortgage that is ready to go, which is what over half of sellers are looking for from the person that purchases their property. We use intelligent data and tech to provide mortgage decisions quickly, to help buyers land the property that they really want.”