Mortgage offers may be pulled from frozen house buys – News

Thousands of homebuyers could have their mortgage offer withdrawn as the market emerges from its seven-week freeze. About 373,000 property sales were stalled when the lockdown was imposed, according to Zoopla. Most would have had mortgage approvals either agreed in principle or formally offered. But with millions of workers on reduced pay, on furlough or made redundant, banks are poised to reassess many loans, some even after contracts had been exchanged. A number of attempts at gazundering have been reported, but so far few sellers have accepted the lower offers. The Times (£)