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New property

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If the property which you are buying is a new house then the builders will have to:

• arrange NHBC cover. This means that they are registered with the National House Builders Council which will rectify certain defects in the property in the first ten years after it is built; or
• arrange defects’ cover acceptable to us which is similar to NHBC cover; or
• be working under the supervision of a qualified architect or surveyor.

In some cases, a loan may be advanced in instalments while a house is under construction on the basis that we receive a satisfactory inspection report from the valuer before each instalment is advanced. Where there is no NHBC cover or a satisfactory alternative warranty we will also need certificates from the architect who is supervising the project at various stages confirming that the work has been completed satisfactorily. You must pay for each report and any architect's certificates. This section also applies if you are building the house yourself.