Flagstone sources new deals for those affected by cladding crisis.
The cladding crisis in the UK refers to the widespread use of flammable cladding on residential buildings, which following the tragic Grenfell disaster in 2017 has led to safety concerns on an estimated 700,000 homes in the UK.
This has had a significant impact on individuals, families, and the wider UK property market, with many homes becoming unsellable and some homeowners facing financial difficulties as a result.
Earlier this year we shared news that some major lenders have released their updated approach to cladding following an industry statement originally released in 2022. This means that those who have been locked within a mortgage or unable to shop around for more competitive options could now search for a new deal.
As one of the largest independent mortgage introducers in the UK, we benefit from a number of exclusive rates not available to the general public. This allows us to explore all the options available to our clients, rather than just the major lenders.
Below we are delighted to share examples of how our knowledge and expertise has recently helped two of our clients who were significantly impacted by the cladding crisis.
Case study 1
Mr and Mrs R. are existing clients of our Mortgage & Protection Adviser Michelle Shilliam who is located at our Chelmsford Branch. They had put their flat on the market over 18 months ago and had a sale running on it which subsequently fell through due to the buyers’ surveyors finding cladding which was deemed unacceptable.
They reached out to Michelle recently about another issue, but Michelle noticed that the couple lived in a block of flats located in a popular area of Chelmsford which she knew had all the relevant paperwork for the cladding to be removed at no cost to them. Michelle mentioned they could now be eligible for a mortgage as some lenders have changed their policies on cladding. They are now in positive position and have decided to put their property back on the market and are now viewing new properties.
We are delighted for Mr and Mrs R as some lenders policies have enabled them to start searching for their new property nearly two years later!
Case study 2
Six months ago, one of our Mortgage & Protection advisers, Bhupindar Singh, had a client who had been offered a right to buy on their flat. When the client had their flat valued, it was unfortunately valued at zero due to the cladding restrictions that were in place.
Now that some lenders have changed their policies, Bhupindar now got back in touch to arrange a mortgage for his clients’ flat. They have now received a formal mortgage offer, which would have been impossible six months ago and understandably our clients are extremely pleased!
Here’s what Bhupindar’s client had to say:
Due to the tireless work of our Flagstone mortgage broker, Mr. Singh, we have now been awarded a mortgage after our application was rejected last year due to changes in the building standards. Our family feels as though a weight has been taken off our shoulders, and we can now begin to anticipate buying our first home.
Have you had difficulty purchasing, selling, or been unable to shop around for more competitive options due to the cladding crisis?
Contact one of our advisers today to find out how we can help!
?0808 231 1073
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.