Spray foam insulation has sparked debate in the UK mortgage market. This can be seen in many forms; most mortgage lenders are not happy to lend on properties with spray foam insulation and homeowners have to get more inspections and documentation than usual and have been facing several difficulties remortgaging or selling their properties.
As long as homeowners understand potential issues and take appropriate measures, they can handle the complexities of spray foam insulation and its impact, if any, on mortgages.
We explain the reasons behind these concerns and give suggestions to homeowners who have spray foam insulation.
Airflow and condensation problems.
Spray foam insulation is like a tough seal in roof spaces, and this greatly reduces air circulation.
Limited airflow can be responsible for dampness and condensation, which is bad for the structure as it may cause rot.
Because of these potential issues, lenders frequently dither to provide mortgages for homes with spray foam insulation, citing safety and stability concerns.
Problems with removing and inspecting.
Spray foam insulation clings strongly to surfaces, so it’s difficult and costly to remove. In fact, the removal process can even be more expensive than the initial installation.
This strong adhesion also complicates the work of surveyors who must assess the property for mortgage valuations. The insulation hides roof timbers, so there’s no way to know the condition and necessary repairs needed.
As a result, lenders are unwilling to approve mortgage applications for these properties as there may be unseen damage that could affect property value and safety.
Changes in how lenders handle loans and how much homes are worth.
Given the above risks, most of UK mortgage lenders automatically reject applications for homes with spray foam insulation.
The insulation can decrease the property value or necessitate costly professional inspections. Lenders are afraid of likely declines in property values and increased inspection costs.
They compensate by being wary about backing mortgages for homes with spray foam insulation. This caution can make it difficult for homeowners to secure financing.
Advice for Homeowners with Spray Foam Insulation
Keep Exhaustive Records
Homeowners with spray foam insulation should maintain detailed documentation related to the installation. That’s the first step.
This includes guarantees, pre-installation surveys, and independent validation certificates from organizations such as KIWA or the British Board of Agrément (BBA).
These documents are evidence that the installation was done correctly and meets regulatory standards, so these are critical when selling or refinancing a home.
Beware of Removal Scams
Homeowners should be careful of companies that falsely claim that their spray foam insulation does not meet standards and offer expensive removal services – with fake licenses.
Before considering removal, homeowners should speak to the original installation company. Industry-renowned Isothane urges against unnecessary removal as long as the installation is properly done.
Addressing Complaints
Homeowners concerned about their spray foam insulation should first contact the installation company or the certifying organization.
For those who received insulation through the Green Homes Grant, there is a formal process for resolving complaints. Consumer Protection shows the path for individuals who feel misled to seek justice.
Legal advice or assistance from organizations like Citizens Advice can help resolve disputes between homeowners and traders.
There’s no blanket statement to guarantee that spray foam insulation won’t present challenges – but homeowners can govern these by staying informed and proactive.
Keeping thorough records, inspecting properties carefully, and making well-informed decisions are basic steps for that end.
Isothane
Isothane, a leading UK-based polyurethane foam manufacturer, extends solid solutions like insulation, waterproofing, and rigid foam. Their specialized PU technology and nationwide installer network provide reliable options for homeowners considering or managing spray foam insulation in their homes.
For more information, visit
https://isothane.com/2024/05/timber-framed-roofs-and-spray-foam-mortgage
https://isothane.com/spray-foam-insulation