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 solar panels on a houseThe welcome move towards greener energy has seen massive growth in the popularity of solar panels, especially on the roof.

Where the solar panels are owned outright by the seller of the property, the only effect they will have on a lending decision will be the extent to which valuers assess them as adding value (or, occasionally, detracting from it), along with all the other factors that affect the value of an individual property.

However, where the seller has granted a lease to a solar panel provider to install panels in return for cheaper energy, the panels remain the property of the solar panel provider, and the installation is, in effect, a lease of the airspace above the roof granted by the owner of the property to the solar panel provider. In this scenario, the terms of the lease will continue to apply to a new buyer and will affect any new lender who subsequently grants a mortgage on the property.

To help the solar panel market, mortgage lenders and their customers, the CML and Building Societies Association (BSA) jointly prepared guidance and minimum requirements for installers in England, Wales and Northern Ireland.  More information on the solar panel guidance can be found in the Lenders' handbook section. Providing the installation conforms to these requirements, getting a mortgage on a property with leased solar panels should not present a problem, although different lenders may still have slightly different policies from each other.