Property sales dragged out by 50-day wait for mortgage offer

By Lauren Burns

The average property purchaser in Northern Ireland and the rest of the UK now has to wait for 50-days to receive a formal mortgage offer, according to the National Association of Estate Agents (NAEA).

The NAEA says that property sales risk collapse and are put under unnecessary pressure as a result of how long it takes for a mortgage offer to be issued. They say the delays have resulted from the 2014 Mortgage Market Review which resulted in a closer scrutiny of potential borrowers. The statement was made as part of the consultation process of the House of Lords Select Committee's inquiry into the UK property market.

The NAEA has called for more "skilled professionals to build additional housing" and for "more support in accessing finance to purchase property."

If you are buying, selling or remortgaging a house in Northern Ireland, and require a property conveyancing solicitor to handle the legal process for you, contact 0800 840 9290.