New HIP rules to help buyers - Mortgages - News - Moneyfacts

News

New HIP rules to help buyers

New HIP rules to help buyers

Category: Mortgages

Updated: 08/04/2009
First Published: 08/04/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

New rules which mean homeowners must have a Home Information Pack (HIP) in place before putting their property on the market will lead to better informed buyers, it has been suggested.

The Association of Home Information Pack Providers (AHIPP) has welcomed the new legislation, which also requires the inclusion of a new Property Information Questionnaire (PIQ).

The PIQ, which must be completed by the vendor, is designed to help potential buyers make a more informed decision on whether to make an offer for a property by highlighting important information such as a home's council tax band, access to the property and any structural changes which may have been carried out at the start of the house buying process.

"The information required in the PIQ is already obtained from the seller in the present system, but much later in the sale process. There is nothing new, just different timing that makes total sense," said Mike Ockenden, AHIPP director general.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

The time is now for remortgaging

Mortgage borrowers have been urged to review their existing deals after it was revealed that remortgage opportunities continue to flourish in the post-Brexit vote world.

Goodbye to the Help to Buy Guarantee

On 31 December, phase two of the Help to Buy initiative will be withdrawn from the market. It’s certainly done wonders for the high loan-to-value sector, so we thought we’d take a closer look at the significance of the scheme and the effect it’s had.

Remortgaging bounces back

Remortgaging has been enjoying a welcome boost in recent months, despite September’s slight dip, with many homeowners capitalising on record low mortgage rates to boost their finances.
 
Close