Comment on the enforcement of new legislations regarding HIPs

Published:

06/04/2009

Topic:

Press Release,Mortgages

Commenting on the enforcement of new legislations regarding HIPs, Louise Cuming, head of mortgages at moneysupermarket.com, said;

"This is one nuisance the mortgage market could do without. The new legislation will add more hurdles to be cleared before marketing your house. Your HIP must be bought, paid for and completed before you can even whisper a rumour that your property may be up for sale. Getting the HIP completed takes between three to five days, so properties can no longer be marketed from day one. At a time when we are desperately trying to revive the mortgage market, why are we adding this extra layer of complexity, especially when there is evidence that many potential buyers refuse to inspect the multi-page HIP before making an appointment to view a home, and a high percentage don't even bother to look prior to making an offer?"

"HIPs have been a disaster since their initial roll out. Whilst fine in principal, the notion has been constantly meddled with by politicians looking to score one over the opposition. In their current state HIPs are little more than an annoying, overly expensive delay to the process of selling a house. In short; more forms, more doubt, more delay - just what we don't need now."

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