10 reasons you might not be able to get a mortgage on a property

Energy bills are soaring, which has prompted many homeowners to look at ways they can better insulate their properties. However, if the property you want to buy has been insulated using spray foam insulation, your mortgage application could be rejected.

Spray foam insulation, or spray polyurethane foam (SPF), is a liquid that you spray onto surfaces you want to insulate. The foam expands and solidifies, filling gaps and keeping drafts out. Whilst this might sound a very sensible way to make your home more energy-efficient, lenders take a less favourable view.

This is because if the roof has been fully sealed using this type of insulation, it can restrict the movement of air to the roof and timbers, resulting in condensation. If timbers are exposed to condensation for a prolonged period, it can cause them to rot. The timbers can also be affected by how hard the insulation sets, as it can put a strain on them, distorting the fabric of the roof.

Arranging to have foam insulation removed won’t necessarily satisfy your lender either as it may have already damaged the property. A lender is only likely to accept your mortgage application if they’ve received approval from a valuer, and if the insulation used meets their criteria.

Author: wpadmin

Leave a Reply

Your email address will not be published.