AT least two major banks have announced a change to their mortgage rules which could benefit thousands of customers. The change affects homeowners who are living in buildings with cladding. Lloyds …
It means residents will be able to apply for government funding to fix cladding issues if their building is over 11 meters high.
Santander added that it'll "consider mortgage applications in England on properties in buildings irrespective of the building’s height or whether remediation work has commenced, provided the correct evidence is shared".spokesperson said: "As a responsible lender, we continually monitor our processes and documentary requirements to ensure they are fit for purpose.
"We are changing our policies to support the Building Safety Act, following the recent Government announcement, and we will launch these changes in early 2023."whether they are planning to announce changes, and we'll update this story when we know more.left people in properties with cladding unable to sell.
According to MoveWise, safety tests can take between 12 and 18 months and can cost as much as £45,000. After Grenfell Tower, residents could take out loans capped at £50 a month, or £600 a year to fix issues, but you'll need to check with your local council if you can get something similar.The rate has gone up by 50 basis points from 3% to 3.5%, as expected.
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