January 9 is the date from which a range of mortgage lenders are honouring their commitment to ensure flats in blocks with unsafe cladding can be bought or re-mortgaged.
A commitment was made back in July to re-create a market for landlords and owner occupiers alike.
Lenders withdrew mortgage provisions for unsafe blocks after the 2017 Grenfell Tower tragedy, when 72 people were killed in a fire at a high-rise block in west London.
Now the Royal Institution of Chartered Surveyors, the Building Societies Association, and the lenders’ trade body UK Finance have stated their support for mortgage products to include this category of property.
The lenders known to be on board so far include Barclays Bank, HSBC, Lloyds Banking Group, the Nationwide, NatWest and Santander.
Lenders will need evidence that the buildings in question will be self-remediated by developers or covered by a recognised UK government remediation scheme such as The Developer Remediation Contracts, The Medium Rise Scheme and The Building Safety Fund.
Earlier this month RICS issued new guidance for the valuation of buildings with cladding to provide “clarity and confidence” to the market, aimed at “supporting lending and boosting confidence for home buyers and sellers in the public interest”.
-
Landlord Today returns on Tuesday January 3 2023, and wishes all readers and their families a successful New Year and a well-deserved break!
Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions.
If any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals, then the post may be deleted and the individual immediately banned from posting in future.
Please help us by reporting comments you consider to be unduly offensive so we can review and take action if necessary. Thank you.
The National Residential Landlords Association is seeking clarification from gov ernment...
It’s feared that the government’s latest funding to solve the cladding...
One hidden aspect of the recent cladding controversy has been that...
After lobbying Tower Hamlets Council for three years, private renters in...
The vast majority of tenants are unaware of new laws introduced...
Despite the recent tax crackdown, buy-to-let continues to look an attractive...
The property market had enjoyed a boost thanks to the outcome...
There wasn’t much by way of good news in the Spring...
National Landlord Investment Show has announced that the former Leader of...
Twenty twenty-four is a pivotal year for landlords in the Private...
The management of BTL properties, whether it's a modest collection of...
We are thrilled to report that the first National Landlord Investment...
If interest rate rises weren’t enough to drive landlords out the...
Landlords play a crucial role in providing safe and comfortable housing...
.jpg)
Calling all landlords, Investors and property professionals: National Landlord Investment Show...
A recent survey by digital mortgage lender, Molo, revealed that nearly...
In the buy to let market, success goes beyond the transaction...
Mohammed Sharaz, a landlord from Bradford, recently seized an opportunity to...
We believe a well-functioning housing system is one that meets everyone’s...
It’s not just the weather that’s wet and dreary – the...
As the ‘big buy-to-let’ sell off gathers momentum, we take a...
The challenges facing the property market right now are well reported;...
If you are a landlord looking for the silver lining in...
This year is set to bring sweeping rental reforms that will...
Landlords are exiting the market in droves. According to an accountancy firm...
%20(002).png)
Newable Finance, the finance brokerage & advisory arm of Newable, launches...
As landlords continue to exit the market, there seems to be...
Homes in the rental sector are more likely to have old...
A council has prosecuted a landlord for letting out two HMOs...
The Labour-led government in Wales has issued a consultation proposing the...
Another council is looking for landlords with rental properties to match...
Another council is looking for landlords with rental properties to match...
.png)
Landlords and renters’ activists are at either end of the spectrum...
A prominent lettings sector expert is blaming the media for anti-landlord...
Who are you and what does it say on...
Who are you, and what does it say on...
Who are you? I am the Head of Broking for...
Join the conversation
Jump to latest comment and add your reply
A shocking scandal. Those who installed the cladding should be made to rectify the problem. So sorry for all those unlucky people caught up in it. I have only ever had 2 leasehold properties (not high rise), never again. Paying out for repairs on something you don't even own makes no sense.
Totally agree, freehold only for me, where I do have flats I own the whole building
So now mortgages are available for these flats but will anyone want to buy them and how will they be valued ? very low I expect
Would not touch with a barge pole
Making Mortgage’s available on those don’t make them fire proof, are they safe or not.
I suppose if they were old properties they were safe before Cladding added, if new properties more difficult to rectify as probably part of the structure.
Please login to comment