Six major banks will lift mortgage ban on homes with unsafe siding

Owners who are unable to sell their apartment because of unsafe facades will soon see an end to the long queue.

Beginning Jan. 9, six major banks will lift their bans on lending to hundreds of thousands of medium-to-tall homes deemed a fire risk.

Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander are reviewing mortgage applications on buildings in England taller than 11m (36ft) fitted with the cladding.

Lenders have eased restrictions on valuing such properties following guidance from the Royal Institution of Chartered Surveyors.

Beginning Jan. 9, six major banks will lift their bans on lending to hundreds of thousands of medium-to-tall homes deemed a fire risk

Beginning Jan. 9, six major banks will lift their bans on lending to hundreds of thousands of medium-to-tall homes deemed a fire risk

Beginning Jan. 9, six major banks will lift their bans on lending to hundreds of thousands of medium-to-tall homes deemed a fire risk

Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander are reviewing mortgage applications on buildings in England taller than 11m (36ft) fitted with the cladding

Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander are reviewing mortgage applications on buildings in England taller than 11m (36ft) fitted with the cladding

Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander are reviewing mortgage applications on buildings in England taller than 11m (36ft) fitted with the cladding

Borrowers must show that the removal of the siding is covered by the developer, a government scheme, or tenant protection.

Activists hailed the move as bringing relief to homeowners who, as the Daily Mail highlighted in our End the Cladding Scandal campaign, are stuck in properties they cannot sell or restructure.

Sebastian O’Kelly, from the Leasehold Knowledge Partnership charity, said: “This is very encouraging and another example of sanity returning to the market when it comes to home sales.

“There is light at the end of the tunnel for people caught up in this crisis.”

Mortgage providers stopped lending to owners of clad apartments after the 2017 Grenfell Tower fire that killed 72 people.

The tragedy highlighted safety issues in buildings across the UK. Tens of thousands were found to require extensive cleanup work.

https://www.soundhealthandlastingwealth.com/uncategorized/six-major-banks-will-scrap-ban-on-mortgages-for-flats-covered-in-unsafe-cladding/ Six major banks will lift mortgage ban on homes with unsafe siding

Brian Ashcraft

TheHiu.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@thehiu.com. The content will be deleted within 24 hours.

Related Articles

Back to top button