What does a late sale cost you?

See what a late exchange or completion, or a sale that falls through, costs you in loan interest. Put in your own figures: nothing you type leaves your screen.

Your figures

These are example figures. Put in your own.

Loan amount£ Interest rate% a yearQuoted a month? Times it by 12: 0.75% a month is 9% a year.

The plot's price£Your loan is usually paid down as each plot completes, so the interest here is on this plot's price, never the whole loan.

What happens?

What happens to the sale

Completion slips Exchange slips Sale falls through

Is the home finished?

FinishedCompletion moves too Off-planStill being built

How many weeks late is completion?How many weeks late is exchange?Weeks to find a new buyer and completeweeks

Add other costsOptional

These start once completion moves, so they aren't added for an off-plan exchange that slips.

If the sale falls through

Re-marketing, and a second set of legal fees£ A price cut or incentive to resell£

Site costs while the plot waits£a monthSecurity, insurance, show home staff, and council tax on an empty finished home.

Staff time spent chasing

Hours a weekhours Cost an hour£

Your loan's end dateIf this delay takes your loan past its end date. It counts the whole delay as after the end date.

Still owed at the end date£ Extension fee% Rate after the end date% a year

Across your sitesThe interest if more than one sale slips, at this plot's price and your rate.

Sales a year that slipsales By how many weeks eachweeks

What this delay costs

The cost of this delay

£2,071

Interest on £300,000 at 9% a year, for 4 weeks.

The interest runs at

£74a day

£518a week

£2,250a month

No extra interest yetOn an off-plan home, completion waits for the build, so a late exchange doesn't add interest while the build carries on. But until exchange the buyer isn't committed, and can still walk away. If they do, choose "Sale falls through" to see that cost.

An estimate: lenders work out interest in different ways. Not financial advice. Read the disclaimer

Sales slip for small reasons: a legal enquiry nobody chased, or a mortgage offer about to run out.

PlotBot chases each step of every sale and shows you what's late the day it happens.

How the calculator works

The interest. Simple daily interest on the part of your loan this sale pays off: the plot's price, or the whole loan if that's smaller. One late plot doesn't cost interest on the whole loan.
Completion slips. Interest for every extra day before the completion money arrives.
Exchange slips. On a finished home, completion moves by the same time, so the cost is the same. On an off-plan home there's no extra interest yet, but the buyer can still walk away until exchange.
The sale falls through. Interest for the weeks it takes to find a new buyer and get back to completion.
Other costs. One-off costs are added once, site costs for each month of the delay and staff time for each week. Past the loan's end date, it adds the extension fee, and the extra the higher rate costs on what's still owed.

Nothing you type leaves your screen. The calculator works in your browser. It doesn't send, save or track anything you put in, and this website doesn't use cookies.

Disclaimer

This calculator gives a rough estimate, for illustration only. It uses the figures you put in and simple daily interest, and it doesn't know your loan's actual terms: how your lender charges or adds interest, fees, minimum interest periods, or what happens at the loan's end date. The example figures are illustrations, not typical or average figures. It isn't financial, lending, tax or legal advice. Your loan agreement and your lender decide what you actually pay, so check with them or your own adviser before you make any decision. PlotBot Ltd isn't responsible for any decision made, or loss suffered, from relying on this calculator.