From 1st July the Council of Mortgage Lenders is integrated into a new trade association, UK Finance. For the time being, all UKF mortgage information will continue to be published on this website, and UKF member-only mortgage information will only be available here.

UK Finance represents around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation takes on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association. Please go to www.ukfinance.org.uk for wider content and updates from UK Finance.

Photo of newbuild housesIf you are the buyer

As the buyer of a property that has been built or converted within the past ten years, you should make sure that the property has the benefit of a 10 year warranty, such as an NHBC warranty. The lender's solicitor or conveyancer will check this. If a property is not covered by one of these schemes, lenders may still be prepared to provide a mortgage if the property has been built under the supervision of an architect or surveyor. The lender may require a Professional Consultant Certificate (PCC). More information about the Professional Consultant Certificate can be found in the Lenders' Handbook area of the site. 

If you are the seller or builder of the property

As the seller/builder of a newly built or converted property you need to ensure that you have met the following lender requirements:

  • You need to have in place either a warranty, such as an NHBC warranty, or a Professional Consultant Certificate (PCC), if accepted by the lender. More information on this can be found here.
  • The CML Lenders' Handbook provides an option for lenders to specify who they accept. You can see a complete list of warranty schemes acceptable by each lender in Question 6.7.1 of the CML Lenders Handbook for England and Wales. If the lender is not listed this may be because they do not sign up to the CML Lenders' Handbook and you should contact them directly for this information.
  • If the property is to be sold or occupied for the first time then you must fill out a Disclosure of Incentives form. This form should be made available to the valuer at the time of their visit.
  • If the property is a non-traditional construction, lenders will require that it meets certain key criteria, as this may affect the lending decision. It may help to obtain certification for the property from one of the major bodies such as the British Board of Agreement (BBA), the Building Research Establishment (BRE), or Buildoffsite Property Assurance Scheme (BOPAS).