Following the UK cladding crisis, independent mortgage advisors Flagstone, which operates under the Beresfords property group umbrella, has now been able to source new deals for those affected.
The cladding crisis saw a widespread use of flammable cladding used on residential buildings, which after the tragic Grenfell Tower fire in 2017 led to safety concerns on an estimated 700,000 homes in the UK.
This had a significant impact on individuals and families, as well as the wider property market, as many homes became unsellable, and homeowners faced financial difficulties as a result.
Earlier this year, several major lenders released their updated approach to cladding, following an industry statement that was originally released in July 2022. The statement outlined the function of the new Building Safety Act 2022 and was introduced to encourage the market regarding cladding and other safety aspects. This was followed by guidance from the Royal Institution of Chartered Surveyors (RICS), outlining the valuation approach for residential properties with cladding.
Now having entered a new year, mortgage lenders have begun to update their cladding criteria meaning those who have been locked within a mortgage or unable to shop around for more competitive options can now search for new deals.
John Lineham, managing director of Flagstone, said: “As one of the largest independent mortgage introducers in the UK, we can access exclusive rates that are not available to the general public. This allows us to explore all options available to our clients, rather than just the major lenders.
“We’re delighted that lenders have updated their cladding criteria and with our knowledge and expertise, we’ve already helped a number of people who were significantly impacted by the cladding crisis.”
Sharing its experience further, Flagstone has recently launched a webinar series – Flagstone Financial Talks – where one of its mortgage advisers Matthew Dempsey provides professional advice, insight and clarity on a range of topics.
The webinar aired last month, and Flagstone were able to bring in the expertise of David Clifford-Smith, managing director of surveying company Cheke & Co, to provide clarity on current cladding regulations and its implications. Those who are interested in finding out more can do so by clicking here.
John added: “It has always been our mission to provide our customers, as well as those looking to buy or sell, with expert insight and guidance on the property market. It’s fantastic that we’ve been able to do this through our new webinar series and I believe this will be a valuable addition to our offering.”
To find out more about Flagstone, or to speak to a mortgage advisor, please click here.
For more information about property group Beresfords, advice on mortgage rates or to view properties, please click here.
