Which mortgage lenders accept the new build warranty Protek
Indicates if Protek is an acceptable new build warranty for a lender on new build properties.
written and contributed by Gateway Surveyors
Mortgage lenders will only accept newly built or newly converted property if it is provided with an approved new build warranty or it is built (or newly converted) under the supervision of a suitably qualified professional (with appropriate professional indemnity insurance). The latter is often referred to as a Professional Consultant’s Certificate (PCC).
Whilst there are a number of warranty providers it is the NHBC – Buildmark warranty that is the most universally adopted and which applies to around 80% of new build properties in the UK.
Building Warranty Providers
- NHBC – Buildmark
- Premier Guarantee (New Homes, Self-Build and Completed Housing)
- BLP (Building Life Plans) residential housing warranty insurance (BLP Secure and Secure Plus)
- BOPAS (Build offsite Property Assurance Scheme)
- LABC Warranty (New Homes, Self-Build, Completed Housing)
- Build Zone 10 year warranty (New Home, Self- Build, Completed Housing)
- Checkmate New Home Warranty
- CRL Structural Defect Insurance
- Build Assure 10 Warranty
- Global Home Warranties 10 year Structural Defect Insurance
- Q Assure Build (Q Policy for Residential and Bespoke Properties)
Professional Supervision – acceptable qualificationsLenders would usually accept new build properties which have been supervised by professionals who hold one or more of the following qualifications:
- The Royal Institution of Chartered Surveyors (FRICS, MRICS) – Building Surveyors only
- The Institute of Structural Engineers (FIStructE, MIStructE)
- The Chartered Institute of Building (FCIOB, MCIOB)
- The Association of Building Engineers (FB Eng, MB Eng)
- The Chartered Institute of Civil Engineers (FICE, MICE)
- Architect Registered with the Architects Registration Board (ARB). An Architect must be registered with the Architects Registration Board even if also a member of another institution, eg The Royal Institute of British Architects (ARIBA)
Not all lenders will accept all of the above. It will therefore come down to individual lender’s own lending policy.
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Criteria Brain is an online research tool for UK based mortgage advisors. Authorized advisors are able to research mortgage lenders criteria in granular detail across many lenders. Without a system like this, the advisors research phase can often take many hours and for complex cases, days, which results in frustrating delays to customers. Criteria Brain fixes this problem by providing a platform which lenders can upload their rules to, in a format that allows advisors to extract the precise information they need in great detail and very quickly. The information contained within Criteria Brain is for advisor use only but by completing the simple form, you could be speaking to an advisor who can answer this question and many more.