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Leeds BS adjusts warranty requirements to back small developers

  • 24/05/2017
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Leeds BS adjusts warranty requirements to back small developers
Leeds Building Society has widened the range of warranties it will accept on new homes.

The mutual said this followed feedback from small developers and would see a range of warranty schemes – in addition to the National House Building Council (NHBC) – considered, as long as they offered homebuyers appropriate protection.

Leeds has also improved its new build proposition by increasing the maximum loan-to-value (LTV) to 90% on new homes and 85% on flats, creating a new build underwriting team and introducing specific criteria to support modern methods of construction.

Warranties will now be accepted from the following organisations:

  • Advantage HCI
  • Build Assure
  • Building Life Plan (BLP)
  • Build Zone
  • Castle 10 (sometimes called Checkmate)
  • CRL 10 Year Structural Defects Insurance Policy
  • Global Home Warranties 10 Year Structural Defects Insurance Policy
  • NHBC (National House Building Council)
  • ICW (International Construction Warranties)
  • LABC
  • Premier
  • Protek
  • Q Policy
  • Zurich Municipal Scheme (for cover issued up to 30th September 2009)

Martese Carton, head of intermediary distribution at Leeds, said: “The society reviewed this position after developers raised concerns about warranty costs so we’ve worked with our surveying partner, Countrywide Valuation Services, to identify which warranty schemes provide appropriate consumer protection. This means developers can consider alternative warranty schemes without compromising the ability of purchasers to secure a mortgage.

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