Mortgage Strategy feature: Flat owners caught in mortgage cladding trap
Thousands of flat-owners caught up in a cladding conundrum since the Grenfell fire of 2017 are finding it virtually impossible to sell or remortgage their homes, writes Emma Lunn for Mortgage Strategy.
The Grenfell fire tragedy of June 2017, in which 72 people died, has highlighted fire safety issues with thousands of blocks of flats, exposed decades of lax building controls, and shone a light on a construction sector that focused on building properties fast and cheap.
Trinity Financial product and communications director Aaron Strutt describes the EWS1 situation as a nightmare with no real end in sight. “We are getting more calls from estate agents asking if the flats they are selling are likely to need a report and if there is any chance of getting a mortgage on the properties.
“We also speak to a lot of upset flat-owners who can’t sell their homes,” he says. “There is more of a realisation that without the report there are likely to be delays and a limited chance of getting a mortgage.”
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