Scot Lenders Require Inspection OK

Mortgage lenders in Scotland must now wait for buyer-side assurance that a newly-built home has had a final inspection and that a warranty will be in place before releasing funds, according to the Council of Mortgage Lenders.The requirement is similar to initiatives introduced in England and Wales last year, the CML said. "This initiative has worked very successfully for homebuyers in England and Wales, and we are very pleased to be able to extend it to Scotland," said Council of Mortgage Lenders policy adviser Andrew Hopkins. "It is clear that, in the past, a small number of borrowers have experienced problems with new houses that have not been completed satisfactorily. On the rare occasion that borrowers move into a house that has not been properly finished, it can cause distress, so this is an important measure to make homebuying in Scotland less stressful." The Council of Mortgage Lenders can be found on the Web at http://www.cml.org.uk.