New House Buying Rules

New House Buying Rules

New standards on both conveyancing and property valuations will provide more transparency and less risk for borrowers and lenders, according to the Council of Mortgage Lenders.  

From the beginning of September, lenders will require builders or developers of any newly built, converted or renovated property to complete a new ‘disclosure of incentives form’.

Director general of CML, Michael Coogan said “Lenders need to know about discounts and other incentives so they can be sure that the decision to offer a mortgage is based on a reliable valuation of the property.  The new measures will provide additional security and safeguards for borrowers, as well as lenders”.

Our view

Anything that makes the value of a property that you are buying more transparent is a good thing.

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