EWS1 A3 - am I likely to get a mortgage?

LED123

Hoping to buy a shared ownership flat, 50% share.
Building has EWS1 A3. Have confirmation that no cost to leaseholders for repairs but no timescale for them.
How likely (or unlikely) am I to be able to obtain a mortgage?

K_S

@led123 A few months ago, I'd say very unlikely. But in July, 6 of the main high-street lenders committed to lending on buildings with fire-safety work required provided they have government grant funding, or the developer or freeholder has agreed to pay for the remedial work. It sounds like your case would fall in this bucket.

Following the above, Barclays sent out an email to brokers reaffirming their commitment to this but said only that they are working on the things to be done to make this happen, so nothing concrete yet afaik.

I don't do a lot of SO mortgages and the ones that I do are almost all new-builds so there are no fire safety issues involved. So hopefully the information above is out of date and lenders have indeed changed their approach recently.

In your case, the HA will almost certainly be very well informed of the latest status with regard to mortgageability for the block.

LED123 said:

Hoping to buy a shared ownership flat, 50% share.
Building has EWS1 A3. Have confirmation that no cost to leaseholders for repairs but no timescale for them.
How likely (or unlikely) am I to be able to obtain a mortgage?

LED123

K_S said:

@led123 A few months ago, I'd say very unlikely. But in July, 6 of the main high-street lenders committed to lending on buildings with fire-safety work required provided they have government grant funding, or the developer or freeholder has agreed to pay for the remedial work. It sounds like your case would fall in this bucket.

Following the above, Barclays sent out an email to brokers reaffirming their commitment to this but said only that they are working on the things to be done to make this happen, so nothing concrete yet afaik.

I don't do a lot of SO mortgages and the ones that I do are almost all new-builds so there are no fire safety issues involved. So hopefully the information above is out of date and lenders have indeed changed their approach recently.

In your case, the HA will almost certainly be very well informed of the latest status with regard to mortgageability for the block.

LED123 said:

Hoping to buy a shared ownership flat, 50% share.
Building has EWS1 A3. Have confirmation that no cost to leaseholders for repairs but no timescale for them.
How likely (or unlikely) am I to be able to obtain a mortgage?

That's really good to know, thank you very much.