As of Monday 9 January 2023, lenders were able to consider mortgage applications in England on domestic properties within residential blocks of five or more stories or 11 metres or taller. Customers now have access to a range of mortgage products when seeking to purchase or re-mortgage properties affected by cladding.
The Royal Institution of Chartered Surveyors (RICS), the Building Societies Association, and UK Finance have stated their support for the mortgage products offered there is now a range of competitive products available from multiple lenders.
Lenders will need evidence that buildings will be self-remediated by developers or covered by a recognised UK Government scheme or by leaseholder protections contained in the Building Safety Act, as evidenced by a Leaseholder Deed of Certificate. All mortgage lending, however, is subject to regulatory requirements and individual firms’ lending policies.
This is a new regulation and can be complicated to navigate. Please don’t hesitate to get in touch if you would like to discuss what your personal options may be.
