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The UK’s largest mortgage bank warns it may turn down mortgage applications on houses with spray foam insulation
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Britain’s largest mortgage bank has warned it could turn down mortgage applications on houses with spray foam insulation.
Nationwide says it needs “documentary evidence” that the insulation was properly installed.
As many as 250,000 homes have spray foam insulation in attics, walls, and floors to prevent heat from escaping their property and lower bills.
Mortgage risk: Nationwide says it needs “documentary evidence” that spray foam insulation was installed properly
But Money Mail warned earlier this month that cowboy firms were putting in the wrong type of insulation or not verifying its suitability — piling up potential problems with future loans for the property.
Rob Stevens, Nationwide’s head of real estate risk, says improper installation can pose a structural risk to homes and drive expensive repair bills.
‘Where a [mortgage] appraiser sees evidence of spray foam, we need evidence that it has been installed correctly before lending,” he says.
The spray foam industry is unregulated. If the insulation is not installed correctly, the foam cannot provide proper ventilation, which can lead to roof structures rotting.
Spray foam was offered as part of the government’s Green Homes Grant, which was withdrawn in March 2021.
a.cooke@dailymail.co.uk