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  • Mortgages & Finance

    New build with 6 years guarantee

    A friend of mines step daughter is getting a flat on the Help to Buy scheme.

    She's been approved financing but has just had her offer withdrawn from Barclays because the developer has opted for only a 6 year guarantee.

    Do any brokers know of a lender that will accept a 6 year guarantee (at this stage, I do not know if this is a NHBC, Premier Warranty or the likes of).

    If this is something that you do know for definite, I will happily get Danielle to call you directly as her current broker seems to be shafting her.

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    Barclays are especially fussy in my experience and I won't have anything to do with them after they refused a remortgage on a property I already owned over a trivial issue that I was quoted £350 to fix. Try a building society or go through a good broker who knows the market.
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    10 years is the norm. Why is the builder not doing the normal guarantee. He’s limiting it to the statute of limitations. I suspect he has a bad record and the insurance provider has paid out too much. I suggest you look at the quality of the builders other work and ask for a claims history before you commit.

    It could of course be he’s cutting his losses and going cheap but if he is risky completion risk over such a small premium then you should question where else have corners been cut.

    Lenders can be fussy but there are usually reasons - often we don’t like or appreciate the reasons but that our right and theirs to disagree.

    Starting point in my view is to explore why it’s a 6 year guarantee only. Check out the builders before you blame the lender.
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    Chartered Accountant, Tax Advisor and Mortgage broker

    (and BTL portfolio owner)

    stuart@johnsonsca.com

    02039077022


    Is it an insurance backed warranty or an “architects certificate” ,if its the latter then it is only a warranty in that the architect is warranting that the property has been built to the approved plans,complies with building regs and is built to a good standard.

    Google - hewitsons.com ( guide to newbuild warranties and architects certificates for residential properties)
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