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.

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Japanese knotweed and other invasive plants

Photo of Japanese knotweed warning signJapanese Knotweed is an invasive species of plant, originally introduced as an ornamental variety. If left untreated it can cause physical damage to property.However, it can be successfully treated and eradicated - although, depending on how invasively the knotweed is established, this can be both difficult and expensive, and repeated treatments over years may potentially be necessary.

Lenders determine their individual policies on this issue. If knotweed is present, it is usually one of a number of factors the lender will consider, and the level of severity may be a factor. If mortgage lenders agree to lend on an affected property, they will normally require evidence of treatment that will eradicate the plant as a condition of lending .

We are aware that there are various codes of practice for the treatment of such species. As a starting point, you may want to visit the government’s webpage.

If you are considering buying a property where knotweed is present, or if the lender's valuation report unexpectedly identifies the presence of knotweed, you will need to consider carefully how to eradicate it and how much this will cost, and whether or not the seller will bear the cost. Until the eradication is complete and the property certified clear of the weed, there may be an effect on marketability and value (and hence on lending conditions, or the lender's willingness to lend).

Circumstances and lending policies vary; you are likely to need to discuss the situation with the lender in terms of whether and on what terms they will lend.