Cost of buying a home will increase and mortgage providers could be in contravention of existing financial regulations, unless government plans to enforce use of house sellers' packs are reformed, suggests the CML.
In its latest News and views update, the Council of Mortgage Lenders suggests homeowners and mortgage will in fact have to commission and pay for several different surveys when assessing the prospects for buying a property, because they are seen as additional to the government proposed 'Home Information Pack'. At present, the government proposes to introduce a prescriptive home condition report (HCR) alongside "innovative automated valuation models" in order to make up an acceptable valuation for underwriting. However, the CML says lenders have concerns about using automated valuation...
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