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 for wider content and updates from UK Finance.

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Properties liable for unknown future costs

Leasehold properties, in particular, often include obligations to contribute to repair and maintenance of common parts, and such costs are not always predictable or guaranteed. If future costs are substantial, they could create financial difficulty and might also make the property less attractive to sell. So a lender will need as much information as possible about future cost liabilities when making a lending decision.

More information about new build leasehold properties can be found here.

Other obscure costs - such as chancel repair - might be identified as a risk for certain properties as part of the conveyancing searches. Lenders will usually require the borrower to take out an indemnity (insurance) against the risk of being liable for such costs, if a risk is identified.