In the rush to get onto the property ladder some new home buyers may sign contracts that could expose them should their mortgage approval fall through. They face losing their deposit.
This is because some developers are quietly dropping the “subject to loan approval” clause and the protection it offers home buyers. Other developers are retaining the right to raise prices even after the buyer goes sale agreed.
We are investigating these issues and would like to hear from buyers of a new build home who may have faced these scenarios.
Was the ‘subject to loan approval’ clause removed from your contract? Has a sale fallen through and did you lose your deposit? Or have you seen anything else of concern in a contract to purchase a new build residential property? If so, we would like to hear from you.
You can share your story using the form above. A selection of responses may be used in our reporting, but names will not be published. Thank you.
