Commenting on the update, Lloyds consumer leading chief executive, Jas Singh said: “We have worked closely with housebuilders and RICS to find a solution for homeowners, so we warmly welcome the updated guidance for valuers on homes with external cladding.
“While we have continued to lend on properties with cladding where possible, this move will really simplify things for those buying homes in properties five storeys or above 11m. We hope this will continue to open up the market for those in affected properties, bringing peace of mind to homeowners.”
It is estimated that 2mn property owners are mortgage prisoners who are unable to sell their homes because lenders refuse to lend to those interested in buying their flats because of concerns about cladding.
jane.matthews@ft.com
