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Bloomberg
Six of the UK’s biggest lenders will start offering mortgages for high-rise flats affected by the cladding scandal in a move that could help thousands of Britons sell their homes.
Barclays Bank Plc, HSBC Holdings Plc, Lloyds Banking Group Plc, Nationwide Building Society, NatWest Group Plc, and Banco Santander SA will consider new mortgage applications for buildings affected by flammable cladding from January 9, following new guidance from the Royal Institution of Chartered Surveyors on how to value the properties.
Banks will need evidence that dangerous materials will either be removed by developers, or covered by a recognised government remediation program, according to a statement.
After a 2017 fire at the Grenfell Tower in London that killed 72 people, many residents of high-rise properties have struggled to secure mortgages or affordable insurance from wary providers, making their homes all but unsellable.
“Today’s announcement is
a significant step to enable lending to recommence,†a UK Finance spokesperson said.