Press Releases

Checkmate would like to confirm our position with regards to the mortgage lenders in the UK and the acceptance by them of us and Castle 10, our new home warranty policy.

Currently we have approvals for our Castle 10 new home warranty policy from:

• Nationwide Building Society
• Cheshire Building Society
• Derbyshire Building Society
• The Mortgage Works
• National Counties Building Society
• Just Retirement

We are continuing our discussions with the other lenders in the market and are progressing towards approvals from these. Our Castle 10 new home warranty policy has all the component parts required by the lenders, as described in Part 1 of the lender’s handbook, to ensure that it will comply with their requirements and therefore achieve approval.

Whilst this process is finalised we are proposing an interim process to ensure that all properties which benefit from a Castle 10 new home warranty policy are acceptable for mortgage purposes to all mortgage lenders. This is as follows:

Part 1 of the lender’s handbook specifies the requirements that a brand new home must fulfil to ensure it is suitable security for a mortgage from the lender.

• Clause 6.6.4 states that if the works are supervised and certified by a specified building professional the new home is acceptable;
• Clause 6.6.4.1 specifies Chartered Surveyor
• Clause 6.6.4.3 specifies Chartered Builder

All of the technical team within Checkmate are professionally qualified and therefore every home which is the subject of a Castle 10 new home warranty policy will have been supervised and certified by a specified building professional.

Until our Castle 10 new home warranty policy is accepted by the majority of lenders and is detailed within the relevant section in Part 2 of their handbooks, we will:

• Carry out our normal process of risk selection and risk management
• Upon commencement of works and payment of premium and fees etc; issue the Building Period Certificate
• During construction, where required we will write to a prospective buyer’s solicitor and/or mortgage company to confirm that the works are being supervised and certified by a specified building professional with a qualification of either MCIOB or MRICS.
• Upon completion, issue our Castle 10 new home warranty policy with Insurance Certificate; AND
• Issue a “Completion Certificate” signed by an MCIOB / MRICS qualified Checkmate team member

Under the above clauses in Part 1 of the lender’s handbook a new home does not even have to benefit from a new home warranty policy to become suitable security for a mortgage from the lender. We will supervise and certify the works in accordance with Clause 6.6.4 as well as issue our Castle 10 new home warranty policy.

By using the above process we are ensuring that Checkmate s Castle 10 policy meets the requirements of all mortgage lenders with immediate effect; thus providing full saleability for your new homes.

Should you have any questions or wish to discuss any of the above in further detail then please do not hesitate to contact either of our Joint Managing Directors, Martin Horsler and Paul Cooper