Auto Amazon Links: No products found. Blocked by captcha.
Homes with spray foam insulation are experiencing difficulty in selling or securing a remortgage, as some of the main lenders in the UK refuse to lend against properties with the material installed. According to recent research, one in four of the country’s largest mortgage providers refuse to lend against such properties’ roofs. Currently, an estimated 250,000 homes in the UK have spray foam insulation installed, most of which were fitted under the former government’s Green Homes Grant program. One homeowner revealed that she paid thousands of pounds to have the insulation removed after struggling to sell her late father’s home.
Some mortgage firms worry that spray foam isn’t being properly fitted, leaving moisture trapped and roofs at risk of decay. Yet the Insulation Manufacturers Association has criticized mortgage lenders’ reluctance to deal with homes with this type of insulation and expressed concerns that homeowners could be unnecessarily pushed to remove it by “cowboy” removal companies. For both closed and open cell spray foam insulation, if it has not been installed to a high standard, it might cause stress on timbers, restrict air circulation, and put them at risk of decay.
After receiving several expensive quotes, one homeowner decided to remove most of the foam in the loft himself after discovering open cell spray foam had been installed in 2009. Although it had not been identified during surveys when he purchased the property, a surveyor still recommended a full roof report, and the UK homeowner had to renew his mortgage with his current lender at a less preferable rate. Nonetheless, Simon Storer, the Chief Executive of the Insulation Manufacturers Association, contends that the organization is also concerned about unregulated firms targeting older homeowners who might be vulnerable and pressuring them into paying for an overpriced removal service during cold calls.
The Homeowners Alliance (HOA) suggests refraining from installing spray foam until outstanding issues with lenders and unregulated firms are resolved. For homes where spray foam insulation is already present, the HOA recommends checking relevant documentation, such as a product certificate and installer warranty, before contacting the manufacturer about obtaining a free ‘health check.’ Lastly, they suggest considering an independent assessment by a qualified spray foam surveyor. A government spokesperson stated that they have consulted lenders on this issue, and the valuers and surveyors’ views are relied on as per the guidelines. The spokesperson highlighted how any measures fitted under government schemes must be done by a Trustmark-registered installer and to the highest standards, with any issues promptly and properly rectified
Read the full article from The BBC here: Read More
Auto Amazon Links: No products found. Blocked by captcha.