Tuesday, December 20, 2022 12:27 pm
A few of the country’s largest banks will review mortgage applications for certain apartments with hazardous cladding starting January. This is good news for people who are stuck in unsold property.
In the wake the Grenfell Tower tragedy, 72 people died in a fire at a high-rise in west London. Lenders have taken out mortgage provisions for unsecured apartment.
Banks including Santander, HSBC and Lloyds, NatWest, Nationwide Building Society, NatWest, Santander, Barclays, HSBC and Lloyds will now be accepting new mortgage applications starting January 9.
After publishing valuation guidelines by the Royal Institution of Chartered Surveyors (“Rics”), which are applicable to buildings in England measuring 11m or more, the lenders made the decision.
Banks will require this proof Buildings containing unsafe materialsDevelopers will fix it, or they will provide legal protection for tenants or government assistance.
According to UKFinance, the lenders have promised to make sure that “those who wish to purchase or refinance apartments affected construction safety issues will be eligible for mortgage financing.”
The group, which represents the UK’s financial services and banking sector, stated that the move would “restore trust in the market”.
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