New Build - Structural Warranty

[CADjockey]

Morning all,

I've just had a 10yr Structural Warranty quote from both Protek and SelfBuildZone, both with same new works reinstatement cost.
The Protek quote is about 30% more. 
Has anyone here had any bad experiences with either provider? I'm obviously leaning to the 30% less!
I guess the only proof of the pudding is at a point that no one wants to find out...

 

[nod]

We used Protec on our last build 

The inspector spent less than 30 minutes at the house over the two years and didn’t get any further than the hallway on the final inspection 

None of the SWs will ever pay out 

But a necessary evil if you intend selling 
This time we’ve gone for the cheaper option of a professional certificate 

£1500 

Rebuild 600k 

 

[CADjockey]

We don't intend selling, it's a house for us, so on that level it's unnecessary.
I'm only really looking at the Structural Warranty in case we need to get a mortgage to finish the build tbh

and I understand it's both easier and cheaper to buy it from the outset.

[Barryscotland]

Do you need a structural warranty to get a normal mortgage? We never bothered as never intend to sell but will be looking to switch from self build mortgage (3.9% interest) to normal mortgage (hopefully under 3%) in the next few months.

[CADjockey]

11 hours ago, Barryscotland said:

Do you need a structural warranty to get a normal mortgage? We never bothered as never intend to sell but will be looking to switch from self build mortgage (3.9% interest) to normal mortgage (hopefully under 3%) in the next few months.

 

I'm no expert, but reading the self build magazines indicates that although there's no law that requires it lenders won't or are unlikely to lend against a new build without one in place by at least  the end of the build. Someone on this forum may know or have experience that differs. I asked for a list of lenders that would accept a warranty from SelfBuildZone yesterday, for which they directed me to their website which lists all the usual suspects and a plethora more, so I suspect it's required.

[Bitpipe]

11 hours ago, Barryscotland said:

Do you need a structural warranty to get a normal mortgage? We never bothered as never intend to sell but will be looking to switch from self build mortgage (3.9% interest) to normal mortgage (hopefully under 3%) in the next few months.

 

Yes, but...

 

We have one (have tried to claim for a legit latent defect issue, declined) and when we transitioned from Ecology to a high st lender the surveyor, who was here for all of 20 mins, said 'do you have one'. I replied 'Yes' and that was that, never asked to ever see it.

 

We changed lender this year and had a new surveyor come out and same routine. This time I actually showed it to him but he was not that interested. He spent most of his time taking laser measurements of the exterior and counting rooms inside, even though I offered to give him a copy of the plans to save the bother. 

 

Feels like these re-mortgage 'surveys' are very glorified box ticking by busy people who just want to get onto the next job.

 

So given new builds are such a small fraction of their lending business I'd say you'll probably get away without one, worth a shot anyway.