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Cladding / ESW1 – Product Transfer

There is currently some disruption in the mortgage market for homes within tall buildings.

Following the tragedy at Grenfell Tower it is important that all building owners ensure that their buildings are appropriately safe for the people living there.

Unfortunately it has not been easy to evidence this due to confusing government advice, inconsistency in lender/valued information requests and inability in many cases of building owners to provide the requested information.

This has meant that many home-owners wanting to move, staircase, borrow additional funds or obtain a better mortgage interest rate than their current lender’s Standard Variable Rate (SVR) have been unable to move to another lender offering a lower interest rate.

The Royal Institution of Chartered Surveyors (RICS) led a cross-industry working group which agreed a new standardised process in December 2019. This will be used by valuers, lenders, building owners and fire safety experts in the valuation of high-rise homes, with actual or potential combustible materials to external wall systems and balconies. The approach was endorsed by industry bodies and the Ministry of Housing Communities and Local Government (MHCLG) is also supportive of the approach.

This process culminated in the production of an External Wall System form (EWS1). This requires a fire safety assessment to be conducted by a suitably qualified and competent professional, delivering assurance for lenders, valuers, residents, buyers, and sellers. Only one assessment is needed for each building, and this will be valid for five years.

Building owners are at different stages in commissioning EWS1 forms. Their production will depend on the specifics of the building, capacity in the industry, the number and type of buildings they have and their approach to prioritisation.

However, this does not mean that homeowners have to move on to a lender’s Standard Variable Rate in the meantime. It is possible for a homeowner to stay with their existing lender and select a new mortgage product. This is known as a Product Transfer.

We would always recommend talking to a Mortgage adviser to see what your options are when borrowing.

Censeo Limited is an appointed representative of PRIMIS Mortgage Network. PRIMIS Mortgage Network is a trading name of First Complete Ltd which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products. Censeo Limited is registered in England and Wales, company registration number 06453977, the Registered Address 11b Newton Court, Pendeford Business Park, Wolverhampton, WV9 5HB.

We will charge a broker fee of up to £445, payable on application. The amount we will charge is dependent on the amount of research and administration that is required.

Your home may be repossessed if you do not keep up repayments on your mortgage.

The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

The Financial Conduct Authority does not regulate all Buy to Let mortgages.

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