March 30, 2023

Bits Of Days

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Typical hurdles in a mortgage application.

2 min read

When you are applying for a mortgage on your dream home, there are usually a few hiccups on the way. It doesn’t matter if you are a first-time buyer or an old hand at the process; there can be many things that cause the deal to break down. One of the main factors of success is getting a good legal team, like the Conveyancing Cirencester based company at

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  1. Not enough deposit. If you don’t have enough for a deposit, then there’s little point in even applying. When you consider that the average UK house price is set at around £250,000 the difficulty in getting £25,000 is considerable. Don’t forget that mortgage advisors will want to know where it’s come from.

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  1. There is an issue arising from the survey. If your survey throws up an issue, it may take some time to resolve it. For example, if it’s discovered that there is rising dampness in the property or that the roof has issues, you may want to go back to the seller and discuss this with them and renegotiate the price. It might mean a reduction so that you can undertake repairs, or it stays the same, and they do it.
  2. The covenants are not acceptable to you. If you want to build an extension or develop the land in some way, it might be that a covenant prevents you from doing it. These are limits and stipulations on the property that have been set and passed down by local authorities.
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