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HIPs will help find a mortgage, experts predict

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Home Information Packs (HIPs) will make it easier and quicker to find a mortgage, saving consumers money, according to analysts.

Independent advisors Which? has published a new book, entitled Buy, Sell and Move House, which estimates the cost of a HIP at around �600.

Which? states that HIPs have been introduced because more than 30 per cent of mortgage deals have been falling through in the UK, at an estimated cost of �350 million to buyers and sellers.

More than 40 per cent of the mortgage failures were due to survey or valuation inspection that found fault with the property.

Kate Faulkner, author of Buy, Sell and Move House, commented: The HIP ought to make buying a property a more efficient process and reduce the astonishing failure rate that means a third of accepted offers come to nothing in the end.

Fewer failed transactions means less wasted money. So they're going to save people cash as well as time and effort.

HIPs are set to be introduced on June 1st 2007 and will be compulsory to sellers.

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