Mortgage with EWS1 fire rating B2

zzzrd

Hi
I'm in the process of buying a 4 year old  buy to let flat (almost new build)  in a low rise building (3 story). The flat is is in a gated complex consisting of three unconnected buildings each containing 60 flats. So 180 flats in total. "My flat"  (the one I'd like to buy) is on the middle floor in the centre of the building with flats either side. There is one flat on the ground below and one flat under the roof, above.
The building is brick built, but far from my flat, at either end of the low rise building are wooden facia boards for cosmetic reasons. 1 in 2 flats, including mine has a steel balcony with timber flooring.
After months of work my the mortgage company Bank of Ireland, after the valuation has been done and at the last minute refused the mortgage based on the EWS1 (post Grenfell) new fire safety external wall report. The score for the report was B2. I was told by the managing company that lenders will lend on a B2 rating.
Bank  of Ireland said it was too high risk due to wooden cladding and balcony timbers. There are another 179 flats in the same complex, the flats sell very quickly and frequently, they can't all sell to cash buyers? Which means some mortgage lenders do lend in them. This flat was built 1 year before Grenfell but you'd think it was to the latest fire safety standards. 99% of UK flats will have such kind of wooden facia boards this ews1 must be affecting everyone?
I have 4 questions:
1. Do you know a good lender who will lend on a B2 fire assessed new flat?
2. Will insurance for this flat be a problem?
3. Will I have to disclose the fact this FLAT  has been refused a mortgage?
4. Can this flat be rented out given B2 status.

Please bear in mind, there are 179 neighbouring flats all sold, many rented so I must be doing something wrong?
Thanks
Z

Lukegrf

I am also looking for a lender who will accept a mortgage application with the EWS1 form with a B2 rating.

Let me know if you have any luck @zzzrd

Thanks a lot!

Marianne81

Hi I am in a similar position and need to find a lender who will accept a B2 rating so if there are any updates that would be much appreciated! 

annetheman

I'd really consider the position you may find yourself in if in a few months the freeholder decides to pass on remediation costs to you for £10,000s (Building Safety Bill will make this the norm). Also, if you want to remortgage in 2,3 or 5 years, how will you do that if the EWS1 form is still being misused widely and badly!?

Government doesn't seem to be budging to help, so I would seriously just walk away from any building with anything less than A1 or A2 rating, or expect a future of misery. 

Jiman_78

Hi all, I am looking for advice. My flat has received a B2 rating so currently unmortgageable and I cannot sell (other than to cash buyer at huge knock down). I lost my job in first lockdown and have a new job that is a 3 hour drive away, has been ok whilst working remotely but now need to start going into the office. I need to start looking for a place to rent near the new job but i can't afford to pay this rent and my existing mortgage so I was planning to let out my current flat. I approached my mortgage company to obtain a Consent to Let however they flat out refused and will not allow an appeal. I can't switch to a Buy to Let mortgage because with a B2 rating I won't get it. Can anyone recommend a way to help. I'm really distraught. thanks