What is a PCC?
The Council of Mortgage Lenders (CML) now called UK Finance has created the PCC on behalf of the banks to formalise and standardise the certification of newly built or newly converted residential property.
The UK Finance standard PCC certificate needs to be administered and signed off by a chartered professional consultant such as a surveyor who must be registered with the Chartered Institute of Builders (CIOB) or an Architect who is registered with the Architects Registration Board (ARB), for it to be valid.
Professional Consultants Certificates were previously called Architects Certificates.
Why do I need a PCC?
It has always been in the CML/UK Finance guidelines for lenders to request a PCC for newly converted property, however some mortgage lenders may have over-looked this in the past. We have found during the last 12 – 18 months that mortgage lenders have been tightening up on their lending criteria, and as such have been making sure these certificates are available.
The majority of the mainstream residential mortgage lenders accept the PCC. You can find the current list of lenders by viewing the CML Lenders Handbook at: https://www.cml.org.uk/lenders-handbook/ To fully satisfy yourselves, contact the lenders direct.
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