Property News Item: 00070

16th Mar 2006

Lack of financial preparation has let down half a million homeowners

Source: http://www.scottishwidows.co.uk

Many Britons have lost out on their dream home through not being financially prepared.
Over half a million UK homeowners admit to this being a factor in the property purchase
falling through including not having an 'agreement in principle' from a mortgage provider
in place before embarking on the home buying process.

Commenting on the findings, Murdo McHardy, head of product development &
marketing at Scottish Widows Bank, said: "As a nation we are obsessed with property,
and gazumping is a problem that hits us hard, especially when you compare us to our
European neighbours. Spending relatively little time on the property hunt doesn't seem to
reflect the fact that for many of us, it is the biggest financial commitment we're ever likely
to make."

"Whilst gazumping is out of our control, and interestingly not a problem in Scotland, there
are steps homebuyers can take to prepare themselves against other homebuying
mishaps. Getting the finances sorted, opening dialogue with the seller and ensuring you
process the survey as quickly as possible can all limit the chances of seeing the purchase
of your dream property fall through. When it comes to house buying you can never be
over prepared."