The Council of Mortgage Lenders (CML) has introduced a new valuation process to help reinforce confidence in the new-build market.
From yesterday (September 1st), mortgage lenders will ask builders or developers of any new, converted or renovated property to complete the new 'disclosure of incentives' form.
It is aimed at ensuring any discounts or other incentives offered are disclosed to the lender and will ensure that any mortgage is granted on an accurate valuation in order to stamp out fraud.
Commenting on the new measures, the CML's director general, Michael Coogan said they will reinforce confidence in the accuracy of valuations in the new-build sector and importantly come at a time when there is limited mortgage funding available for house-purchase transactions.
"If developers ensure that they are transparent, and disclose any discounts or incentives on offer to buyers, lenders' confidence should start to return," he concluded.
The CML is the trade association for the mortgage lending industry.
CML introduces new-build valuation process
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CML introduces new-build valuation process
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