Were you missold Spray Foam Insulation?
You could seek compensation if you suffered distress and/or inconvenience because a contractor duped you into thinking spray foam insulation would save you money and better protect your home.
Does your home have Spray Foam Insulation?
A flat roof? Or do you live close to commercial sites?
Getting an equity release loan will be impossible. The reason? Lenders don’t like certain things, which includes Spray Foam Insulation. Read on to find out more and how to solve the problem.
So, how does equity release work?
Equity release could be the solution when you’re over 55 and want to unlock equity in your property.
You can choose to get a lump sum or take smaller sums over a period of time. When you choose to be paid in smaller amounts, you’ll only pay interest on the money you release. You can even select a combination of both a lump sum and smaller regular payments.
Releasing equity is something many homeowners now see as a perfect solution to pay off existing debts, repay an existing mortgage or even gifting money to children or grandchildren.
What happens at the end of equity release?
An equity release loan is only paid back at the end of life. An executor of an estate will sell the property, and some of the proceeds go to paying back the equity release plan. Any money left over is typically paid to beneficiaries you named in your last will and testament.
What are the well-known restrictions?
Lenders have well-known restrictions that prevent them from lending against specific properties. These include:
- Properties close to commercial sites due to noise. An example is living next door to a pub
- Flood risk. Properties in areas prone to flooding are a no-go with lenders
- Pylons and high-voltage power lines. Living next to a sub-station makes your home less attractive to equity-release lenders
- Asbestos is hard to spot and could present a real health hazard as it was used for insulation in properties between 1930 and 1970
- Properties with single-skin walls are also a no-go with lenders
- Spray foam insulation and other foams are an absolute no-go when it comes to lending against a property
- Clutter in and around a property puts lenders off
Can you get an equity-release loan with spray foam insulation?
You will not be able to borrow money against your home if it has spray foam insulation. Lenders don’t like this type of insulation because the spray foam does not allow the roof timbers to breathe and they can rot from the inside.
The only solution is to have the spray foam removed from the property. However, this must be carried out by a professional. It’s not a DIY job because the task is labour intensive. There are only a limited amount of Equity Release Lenders who will lend, even with the Sprayfoam removed. We work with the right ones to ensure you will be able to secure your Equity Release funding.
That said, having a professional remove the spray foam insulation from your property is cheaper than installing a new roof.
Note: According to the Residential Property Surveyors Association (RPSA), 250,000 properties in the UK have spray foam insulation; therefore, they could be unmortgageable!
WE ARE SPRAYFOAM REMOVAL SPECIALISTS AND WE HAVE EXCELLENT REVIEWS
Request a Consultation
Removing the spray foam insulation or installing a new roof? Needless to say, removal is a lot cheaper than a new roof!
But a professional spray foam removal company should carry out the work. As mentioned, the work is labour intensive and messy. A professional knows how to further damage to roof timbers and structures.