Mortgage deals can be complex to sort out at the best of times, however, the unfortunate cladding scandal has created a wide-spread impact for homeowners. The issue, although ongoing, first properly came to light upon the deaths of 72 people in the Grenfell Tower fire in 2017. It has caused many in the sector and beyond to reevaluate the safety of cladding – additional materials added to the exterior of buildings for numerous purposes.
“Many bought these in good will, saving up over a number of years, and then it turns out you’re in a flat which could be a death trap.”
But for individuals who are unable to move out of flats with cladding, remortgaging is likely to be a necessary step.
This, Andrew and Louisa highlighted, is difficult for all involved, but one key form is likely to ease the situation.
Andrew highlighted what is known as an EWS1 form, vital to the remortgaging process in this kind of circumstance.
“Speak to your managing agent or estate agent, or the builders you bought the property from.
“Make sure they have the relevant fire safety checks in place, but the problem is there is not much good news.
“It is very, very difficult to sell a property or to secure a mortgage with these issues, and we have to keep campaigning to the Government about this.”
While the issue is concerning, Andrew highlighted the steps currently being taken to resolve the matter.
The Government is launching a £1.6billion scheme to support those living in buildings with cladding, and the cabinet may even sort out another scheme with an approximate value of £10billion.
But this raises the issue of long-term loans, and who will be forced to cover the cost of repair to the flats.
Andrew quoted one instance where a homeowner was forced to hand back the keys to her property as she felt unsafe.
This led to her bankruptcy, an issue Andrew described as “ruining her life and her future, through no fault of her own”.
The issue is a continuing one, however, Andrew concluded by stating it was important to continue campaigning on the matter to improve the situation for all Britons.