Undersold
We're currently working to sell the house I am living in, which I own a little part of but belongs to the family as it used to be my granny's house. This is fine- it was always part of the plan to do things this way - but the process is very frustrating.
Twice we have been under offer. Twice the sale has fallen through. In both cases it was because of building societies refusing to offer buyers a mortgage.
In the first case, the owner had a buyer lined up on their existing house. They wanted to move the mortgage to this house for the same amount on the same terms, so it would have been exactly the same to the mortgage company as it had been. Because they banked with Santander and Spanish banks were falling over left right and centre a couple of months ago, they refused to allow the same money to be loaned on the same terms to the same person as it was currently being loaned to.
Today we hear that the second offer has fallen through. This time the buyer had their own house under offer, but their buyers were refused a mortgage because the house was "too near a railway line." The buyers were quite aware of this, but apparently you can't get a mortgage if the house you are seeking to buy is within earshot of a railway line, because the building society knows better. But the real beauty of this is the logic given by Nationwide for not offering the mortgage: They wouldn't lend the money to the buyer because the buyer wouldn't be able to sell the house because future buyers wouldn't be able to get a mortgage on it. So what they are saying, exactly is: "We won't lend you money because we won't lend you money."
The government remain baffled as to why the economy, in particular the property sector, is stagnating.
Twice we have been under offer. Twice the sale has fallen through. In both cases it was because of building societies refusing to offer buyers a mortgage.
In the first case, the owner had a buyer lined up on their existing house. They wanted to move the mortgage to this house for the same amount on the same terms, so it would have been exactly the same to the mortgage company as it had been. Because they banked with Santander and Spanish banks were falling over left right and centre a couple of months ago, they refused to allow the same money to be loaned on the same terms to the same person as it was currently being loaned to.
Today we hear that the second offer has fallen through. This time the buyer had their own house under offer, but their buyers were refused a mortgage because the house was "too near a railway line." The buyers were quite aware of this, but apparently you can't get a mortgage if the house you are seeking to buy is within earshot of a railway line, because the building society knows better. But the real beauty of this is the logic given by Nationwide for not offering the mortgage: They wouldn't lend the money to the buyer because the buyer wouldn't be able to sell the house because future buyers wouldn't be able to get a mortgage on it. So what they are saying, exactly is: "We won't lend you money because we won't lend you money."
The government remain baffled as to why the economy, in particular the property sector, is stagnating.