Abbey Mortgages: Homeowners look for Hips loophole
www.moneynews.co.uk > Housing market > Abbey Mortgages: Homeowners look for Hips loophole
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Abbey Mortgages: Homeowners look for Hips loophole
Wed 22nd Aug 2007
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From September 10th, people whose properties have three bedrooms will have to purchase a Hip before placing it on the market. The rule already applies to four-bedroom homeowners.
When Hips were rolled out to houses with four bedrooms, Abbey conducted a survey which revealed that 4.5 million owners were prepared to market the property as having three bedrooms, with the fourth being touted as a study, playroom or games room, among others.
Nici Audhlam Gardiner, head of mortgages at Abbey, warned homeowners to "play it straight".
"By remarketing your home as a two or three-bedroom house with a study, you'll become invisible to thousands of potential buyers that are searching online, specifically, for three or four bedrooms and above," she claimed, adding that such sellers risk making their home appear over-valued.
According to Saga Home Insurance, almost three-quarters (74 per cent) of over-50s would not tell lies about their home when putting it on the market.
Related News : Housing market |
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Related News : Santander |
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