A new lender option is available for developers needing to refinance their site during constructions works
We’re pleased to announce that following recent pricing feedback, we have made our NHBC/Building Warranty lender policy premiums more competitive.
When a new property is built, a National House Builders Council (NHBC) Certificate or building warranty will be issued to verify that the works are up to standard, and to protect against latent structural defects. This guarantees the works for 10 years, and the guarantee provider will compensate the property owners accordingly, should any issues arise within the time frame. If a property is being sold and the guarantee or certificate cannot be traced, or may not have even been obtained for the relevant works, then indemnity cover is required by a lender.
Our Lack of NHBC/Building Warranty policy provides a quick solution, allowing the sale transaction to go ahead without delay. Our policy provides cover for the lender, for the full term of the mortgage or charge they hold, on the property at the date the policy is taken out. So if the owner defaults, and defects are identified, the lender is protected against the costs incurred to correct them.
In addition to reviewing our prices, in response to concerns in the market caused by the bankruptcy of one of the warranty providers, we have added a 12-month old property option, in addition to our existing options for properties 2 and 4 years old.