by Adrian Perch, qualified mortgage and protection adviser, with a background in Estate Agents.
Did you know that 22% of home sales in England & Wales collapse because the buyer isn’t mortgage-ready? According to Santander and The Negotiator data, lack of early mortgage preparation is now the third biggest cause of sales falling through. This article outlines the issues behind this, plus exactly what buyers and estate agents should do to keep deals moving.
What property market stats tell us
Santander estimates more than 500,000 house purchases collapse each year in England and Wales, creating roughly £1.5bn in wider economic cost and around £1,240 in sunk costs for the customer on each failed attempt.
According to The Negotiator, not being mortgage-prepared is the third biggest reason for sales collapsing in 2024:
- Survey/price renegotiation (27%)
- Buyer change of mind (24%)
- Mortgage difficulty (22%)
These numbers point to one thing: preparation matters. Independent mortgage advice helps buyers get finance ready early, sets realistic budgets and keeps chains moving. It also supports Consumer Duty by giving buyers genuine choice, advice they can trust, and no sales pressure.
Money, homes, and trust. When buyers get impartial advice, they make better choices, move faster, and deals are less likely to fall through. That’s good for consumers, and very good for agents.
Issues with not being “Mortgage Ready”
- Down valuations reduce the loan amount, forcing bigger deposits or price renegotiations.
- Affordability changes mid-process (new credit, income changes, job moves) push cases outside lender limits.
- Documentation gaps (bank statements, payslips, SA302s, gift letters) stall underwriting and timelines.
- Property/tenure issues (short leases, cladding/EWS1, non-standard construction) change lender appetite or LTV.
- Mortgage offer expiry (typically 3–6 months) triggers re-underwriting on new rates/criteria.
- Conditional selling or poor signposting to independent advice slows finance and risks unsuitable routes.
Practical steps to keep chains moving
- Get an MIP early, then firm up documents (ID, payslips, bank statements, deposit proof, SA302s if self-employed).
- Price-test properties and plan for down-valuation scenarios (bigger deposit or alternative lender).
- Lock the timeline: track mortgage-offer expiry; request extensions in good time.
- Freeze finances until completion (avoid new credit/major changes).
- Use an independent broker for wider lender access and faster problem-solving. Even if not us – get advice.
Quick takeaways
Independent brokers give buyers more independent choice. The Mortgage Broker can access 130+ lenders and broker only ranges, helping find the most suitable and affordable route (not just one in-house mortgage option).
You may have seen the regulators are clamping down on “conditional selling” and pressuring the market to put customers first. We are not here to ride the band wagon as Estate Agents are critical.
However, Buyers are getting decision ready earlier and consumer patterns are showing this. Rightmove reports a record surge in Mortgage in Principle (MIP) applications, up 49% year-on-year in Jan 2025.
This suggest buyers are trying to get an understanding of their financial picture, what they can afford and how to get mortgage ready. A mortgage in principle (also called an AIP or DIP) is a quick approval certificate that shows how much you could borrow from a mortgage lender. It does not affect any credit score, and helps you when viewing properties as you can search with confident and speed up your mortgage process.
Book a Free appointment to get mortgage prepared with a Mortgage in Principle.
Free Mortgage AppointmentA mortgage in principle shows Sellers and Estate Agents that you are mortgage ready, prepared and an active buyer.
Be Mortgage Ready with a Mortgage in Principle
Being mortgage ready means you have your budget confirmed, documents to hand, and a clear “yes in principle” before you view. It strengthens your offer with sellers, reduces fall-through risk, and helps agents move the sale along. In practice, that looks like a checked credit file, proof of income and deposit, and a Mortgage in Principle (MIP) that shows what you can realistically borrow and what the monthly payments might be.
A Mortgage in Principle is a quick confirmation that a lender is likely to lend to you, subject to full checks and valuation. It is not a final offer, but it gives you a solid guide to price range and proves to agents you are serious. With The Mortgage Broker you can get a soft-search MIP online, usually in minutes, with no impact on your credit score. We then help you gather the right documents and turn that MIP into a full application when you find the right home.
Get your Mortgage in PrincipleThe Consumer Duty lens: fair value, clear choice, no pressure.
The FCA’s Dear CEO letter (30 Jan 2025) sets clear expectations for us mortgage intermediaries: tailored advice, high standards, and acting on reports of homebuyers being pressured to use estate agents’ in-house brokers. It specifically reminds firms to identify and mitigate conflicts of interest in line with Consumer Duty.
What this means in practice: referring buyers to an independent broker supports Consumer Duty outcomes (more suitable options, clear information, less pressure) and reduces the regulatory/reputational risk tied to conditional selling.
Why independent advice helps everyone (buyer and agent)
- More lender options = more suitable routes. Independent brokers consider high-street and specialist lenders, complex income, self-employed, and adverse credit paths – crucial in today’s market. 35% of income is now NOT from a set salary. Understanding how to present that is crucial to mortgage success.
- Smoother pipelines. Prepared buyers (MIP, documents, affordability sense-checked) reduce renegotiations and abortive sales.
- Aligned with Consumer Duty.
- Clear choice, transparent fees, and no pressure to use a single in-house solution.
Intermediaries still lead the way: knowledge and access
89% of successful mortgages go through a mortgage broker
– IMLA (Intermediary Mortgage Lenders Association).
Intermediaries continue to dominate distribution because they combine specialist knowledge, broad lender access, and the ability to navigate nuanced criteria quickly: especially for self-employed, complex income, and credit-impaired clients. Pair that with today’s earlier, MIP-driven journeys and you get a compelling case for independent referrals.
Quick Questions:
Your budget is confirmed, key documents are to hand (ID, payslips, bank statements, deposit proof), and you have a Mortgage in Principle (MIP). It helps you view with confidence and make stronger offers.
A lender’s early indication of what they’re likely to lend, subject to full checks and valuation. It’s not a formal offer, but it proves seriousness and sets a realistic price range.
Typically 60–90 days (shown on your MIP). If it expires, we can refresh it quickly with updated details.
We use a soft search, so there’s no impact on your credit score.
Usually in minutes online once you’ve shared a few details. We can then firm up documents and next steps.
Photo ID, proof of address, last 3 months’ payslips (or accounts/tax returns if self-employed), last 3 months’ bank statements, deposit/source of funds, and any credit commitments.
Yes — different names for the same early approval step used by agents and sellers.
No. It’s guidance, subject to full underwriting, affordability checks and valuation.
Sometimes, but agents and sellers often prefer buyers with an MIP. It speeds things up and reduces fall-through risk.
Yes. We’ll use recent SA302s/tax year overviews and accounts to assess affordability and secure an MIP.
Tell us — we can update or reissue your MIP to match the new price range.
Stick to soft-search MIPs and you’ll avoid score impact. We’ll keep everything tidy on your credit file.
Often, yes. We work with specialist lenders and can advise what’s realistic before you offer.
Get your Mortgage in Principle
Buyers are decision ready earlier capture the client sooner
Strategic takeaway for agents: engage finance before viewings and offers. A prepared buyer with a soft-search MIP, documents lined up, and a realistic budget will progress faster and is less likely to fall through.
Partner with The Mortgage Broker Today
The Mortgage Broker partner with Estate Agents to offer a fast same day agreement in principle service – see full service here.
- We’re set up for speed, choice and certainty:
- Same-day MIP/DIP where possible, with instant affordability checks and live diary access.
- 130+ lenders and 25,000+ product options to find suitable routes fast.
- Live tracking for you and your clients, and 24/7 mortgage monitoring after completion.
- Fee-free vendor service and remortgage commission available for partners.
Let’s get your buyers mortgage-ready
Share your branch diary link preferences and we’ll switch on live appointment access, set up your MI dashboard, and agree quick-response SLAs.
Our offer to your buyers
We combine award-winning advice with digital innovation to move quickly without sacrificing quality. Buyers get:
- Soft-search MIP (no impact on their credit score) and clear affordability, fast.
- Choice across 25,000+ mortgage products and access to specialist lenders for complex cases.
- Proactive updates via live tracking and direct access to appointments.
- Ongoing 24/7 mortgage monitoring post-completion to support future reviews.
For agents, that means fewer fall-throughs, cleaner chains, and a better move experience for your sellers and buyers. For clients – it means a far less stressful experience.
Regulations are actively squeezing conditional selling – this is just the nature of the current market and the changing expectations around choice for buyers, whom are educating themselves more every day.
FCA (Jan 2025): supervision priorities include action where buyers are pressured to use in-house brokers; firms must manage conflicts under Consumer Duty.
NTSEAT (July 2025): agents can face sanctions if they block or sideline buyers who won’t take linked services.
The Property Ombudsman: cases continue to highlight conditional selling as a concern with reputational damage risk.
The Negotiator
Bottom line: give buyers genuine choice and refer to an independent, regulated broker: it’s cleaner, fairer, and safer.
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