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”.
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Landlord Today returns on Tuesday January 3 2023, and wishes all readers and their families a successful New Year and a well-deserved break!
