BSA and UK Finance issue joint statement following MHCLG's statement on cladding
In a joint statement responding to the announcement from the Ministry of Housing, Communities & Local Government today regarding cladding, UK Finance and Building Societies Association said:
UK Finance and the Building Societies Association, representing the UK’s mortgage lenders, welcome the positive steps taken by Government on cladding remediation and look forward to seeing the full details shortly.
This will improve the position for many leaseholders currently facing very substantial remediation costs and assist lenders to meet their responsibilities on affordability, which is a key part of any lending decision. When we have seen the full details of the announcement, we will be able to examine the implications for all leaseholders affected by cladding issues.
“We also welcome the progress made on the new RICS guidance for valuers and provided the new guidance, once it is complete, has clear support from MHCLG and the Institution of Fire Engineers, are hopeful it will provide greater certainty to home movers, leaseholders and building owners and reduce the number of buildings requiring an EWS1.”