Can We Get A Mortgage With Spray Foam?
Spray foam insulation has been widely used to enhance energy efficiency in homes. However, recent developments have led to significant challenges for homeowners seeking mortgages on properties with this type of insulation. The Royal Institution of Chartered Surveyors (RICS) has issued guidance highlighting potential issues associated with spray foam insulation, particularly when applied to roof structures.
Why Mortgage Lenders Are Hesitant
Mortgage lenders are increasingly cautious about properties with spray foam insulation due to several concerns:
- Structural Risks: Improper installation can lead to moisture being trapped against roof timbers, causing decay and compromising structural integrity.
- Inspection Challenges: Spray foam can conceal defects, making it difficult for surveyors to assess the condition of the roof and other structural elements.
- Marketability Issues: Homes with spray foam insulation may face reduced marketability, as potential buyers might be deterred by the associated risks and the possibility of mortgage difficulties.
RICS Guidance on Spray Foam Insulation
In response to these concerns, RICS has published a consumer guide to educate homeowners about the implications of spray foam insulation. The guide emphasizes the importance of proper installation and the potential impact on property value and mortgageability.
How Countrywide Roofing and Insulation Can Help
At Countrywide Roofing and Insulation, we specialize in the safe removal of spray foam insulation, helping homeowners restore their properties to a condition acceptable to mortgage lenders. Our services include:
- Comprehensive Assessment: Evaluating the extent of spray foam insulation and any associated damage.
- Professional Removal: Safely extract the insulation without compromising the structural integrity of your home.
- Restoration and Certification: Repairing any damage and providing certification to demonstrate that the property meets the necessary standards for mortgage approval.
Conclusion
While spray foam insulation offers energy efficiency benefits, it can pose significant challenges when it comes to securing a mortgage. Following the latest RICS guidance, many lenders are reluctant to approve mortgages for properties with this type of insulation. If you're facing such challenges, Countrywide Roofing and Insulation is here to assist with professional removal and restoration services, ensuring your property is mortgage-ready.
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