Habito has launched a brand-new home-financing service, ‘Habito Go,’ designed to give FTBs the advantages and negotiating power usually only enjoyed by cash buyers.
The service will allow buyers to ‘upgrade’ their mortgage recommendation to a guarantee of funds, enabling buyers to purchase the property in cash, while they would simultaneously continue their mortgage application through Habito’s brokerage.
A recent survey of 2,000 buyers and sellers conducted on Habito’s behalf by YouGov, revealed that 34% of sellers said they would be more likely to consider accepting an offer from a buyer if they were to pay in cash.
The survey also suggested that more than 40% of prospective buyers said they were resigned to a long and drawn-out process when buying a new property, and that seven out of 10 sellers would value speed and a smooth process as much as, if not more than, achieving the asking price.
Habito founder and CEO, Daniel Hegarty, said: “All our research tells us that home-buying is riddled with uncertainty and a lack of control that most people just don’t feel equipped for – and FTBs probably have it the hardest.
“With Habito Go, we hope to alleviate this by arming buyers with the power of a cash offer for their dream home, while giving sellers the reassurance of a guaranteed sale that is achievable in a fraction of the time normally required to complete a purchase.”
Habito Go will allow approved customers can to their loan offer in as little as 24 hours, so they can make an attractive cash offer to estate agents and sellers – putting them in a stronger negotiating position on price. Customers can expect to make a saving on the asking price of their property with a cash offer.
The service also aims to speed up the overall process of buying a new property, using fast-track affordability checks, valuations, searches and comprehensive legal work, to give customers a chance of moving into a new home in as little as two weeks.
Personal finance expert, Andrew Hagger, commented: “Habito Go is a new and innovative product that has the potential to wipe out some of the major hassle factors encountered by FTBs. The speeding up of the process and ability to negotiate a 'cash buyer' type discount could be highly beneficial, and many borrowers could see some or all the product fee costs negated, due to a lower purchase price being achieved.
“Removing stress, worry and giving FTBs a greater chance of getting their number one choice of home – rather than always wondering what might have been when you've had to settle for second, third or fourth choice – is a great benefit of Habito Go.”
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