We’ve enhanced and tweaked our product criteria over the past couple of months.
This time we’ve tip-toed over to property and added two crucial enhancements to our property criteria.
Firstly:
- We’ve removed height restrictions on properties in England. Meaning we can accept applications on properties over 6 storeys high.
Property will be deemed acceptable where the property developer is one of the fifty-one developers who have signed the ‘Developer Remediation Contract’ with the UK Government to indemnify leaseholders from cladding remediation. Or one of the four developers who have built schemes proven not to be affected by cladding issues.
Secondly:
- We’ve changed our criteria to accept properties built by Modern Methods of Construction.
Having in-house expertise is at the heart of everything we do at Hodge and our new enhancements are no different.
Our head of property risk, Jon Matthews and his surveying team will manually assess and review some of the more unique and complex applications.
Jon Matthews, had this to say on our latest enhancements:
“We understand many professionals getting their foot on the property ladder in some of the UK’s major cities will be looking at property in high rise buildings – and some lenders are reluctant to approve these because of the issues and liability around the cladding of these buildings.
“We’ve examined the market, looked at the contracts put in place by Government around those issues, and now, with our own property experts and surveyors at hand, feel we’re in the right place to lend on properties above the 6th floor. We hope these enhancements will give our intermediary partners the help and expertise they need to get quick lending decisions for their clients.”