Monday, 7 November 2016

Busy October for CML Handbook Changes



October 2016 proved to be a busy October when it came to changes to lenders' Part 2 sections of the CML Handbook. 31 lenders made changes. This compares to 10  lenders in the same month 2015, 17 in 2014 and 24 in 2013.

159 sections were changed with the most top ten most changed sections being :

Times changed
Section
Question
13
6.7.1       
What new home warranty schemes are acceptable to the lender?
10
5.1.1       
If different from 1.11, the contact point if the seller has owned the property for less than 6 months:
4
5.14.1      
What minimum unexpired lease term does the lender accept?
3
6.6.4       
Does the lender lend where the property comes within the definition of a house in multiple occupation?  If yes, what are your requirements?    
2
5.4.4       
Does the lender want to receive environmental or contaminated land reports?
2
14.2.1      
Where should the title deeds and documents be sent?
2
14.2.2      
Which documents must I send after completion?
2
14.1.5      
Does the lender need to be sent the original mortgage deed and/or any other original title documents?
2
6.6.1       
If different from 1.11, contact point if property is let/to be let and to check you lend on buy-to-let:
2
5.8.5       
 Does the lender accept security which comprises one of two leasehold flats in a building where the borrower also owns the freehold reversion of the other flat and the other leaseholder owns the freehold reversion in the borrower's flat? If so, are there any specific requirements?


The more notable changes in October were (in no particular order):


Other lenders who made changes in October include :

Adam & Company
Bank of Cyprus UK
Bank of Ireland (UK) plc
Bank of Ireland as Bank of Ireland Mortgages
Bank of Scotland Beginning A
Bank of Scotland Beginning O
Coutts
Coutts Finance Co
Darlington Building Society
Godiva Mortgages Ltd
Hampden & Co plc
HSBC Bank plc
Intelligent Finance
ITL Mortgages
Leeds Building Society
Lloyds Bank plc pre fixed 20/40
Lloyds Bank plc pre fixed 50/30/77
Lloyds TSB Scotland plc
Loughborough Building Society
Monmouthshire Building Society
Nationwide Building Society
Precise Mortgages (Charter Court Financial Services Ltd)
The Mortgage Business
Tipton & Coseley Building Society
TSB Bank plc
Vida Homeloans


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