13 January 2023 – updated 17 February 2023
Six major lenders have changed their rules to allow mortgage applications on properties in buildings in England over 11m tall. Some banks will no longer require EWS1 certificates for these properties.
This follows the implementation of commitments made by mortgage lenders in a UK Finance statement and new RICS guidance that will help assess the value of properties with cladding.
All the banks will require evidence that at least one of the following applies:
- The building is covered by one of the recognised Government schemes – the Aluminium Composite Material Cladding, the Developer Remediation Contracts, the Medium Rise Scheme or the Building Safety Fund
- The leaseholder protections in the Building Safety Act. Check qualification using the Government’s online tool.
The Government will continue to work with industry to monitor these changes but expect the challenges faced by those struggling to buy and sell, including the need to access EWS1 forms, will be eased.
Customers should, where appropriate, approach multiple finance providers to access the best commercial offering from the market.
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