Spray foam insulation

FreeBear

Based on my discussions with surveyors, no mortgage lender will lend on a property with spray foam insulation.

There are a handful of lenders that will provide a mortgage when there is spray foam insulation. Off the top of my head, can't name them.

The Property Care Association (yes, that bunch that also tries to legitimise other questionable activities such as damp treatments) are trying to work with mortgage companies to provide a framework of certification and approval. Even with the <ahem> paperwork, there is no guarantee that the health of the building will suffer and massively shorten the lifespan of the roof.

Spraying foam on the underside of a space that needs ventilating is a daft idea from the outset. If you are insulating a house, the insulation needs to be applied to the shell of the living space.

MEM62

https://forums.moneysavingexpert.com/discussion/comment/82065972#Comment_82065972

They are going to have that issue with every potential buyer so they will have no choice but to address the issue of they want to sell the house.

WIAWSNB

https://forums.moneysavingexpert.com/discussion/comment/82065972#Comment_82065972

Age and style of property? And how much LTV, may I ask?

As said above, the seller appears to be in complete ignorance of the issue at the moment, but that will almost certainly change very soon - unless they find a cash buyer.

Did you look at the foam yourself? Can you describe what you saw?

Further to what FreeBear says about it being a 'daft idea', spraying foam to the underside of a roof in a ventilated loft is also nigh-on pointless in terms of insulating the house.

It really is a con. A costly and damaging con.

Huiyy

https://forums.moneysavingexpert.com/discussion/comment/82067632#Comment_82067632

It’s a semi-detached house worth around 170k. Built around the 1970-1980’s. I’ll be putting down 47k as a deposit. I can’t really comment on what i saw regarding the insulation as it’s not my field at all. I did take a family friend who is a builder to the viewing and it was them who mentioned the spray foam insulation and that i will struggle to get a mortgage. Obviously i did a little research when i got home and he is right.

The EA contacted me today and they said this “Although the seller doesn’t have any documentation directly relating to the insulation, he has got the report carried out by surveyors who visited the property in 2019 for mortgage purposes. The seller was granted a mortgage following this on the property.”

After looking in google however though, it seems they tightened the policy for spray foam more recent than that in 2020-2021.

WIAWSNB

https://forums.moneysavingexpert.com/discussion/comment/82069008#Comment_82069008

Frustrating for you. But possibly an opportunity.

That roof, if not already replaced - and likely has not - must be getting a bit tired? What style covering does it have? Look good? Could it look better?! The other semi - identical condition?

If you can get the seller to knock off a sum that'll virtually cover the cost, then you'll have a brand new roof, increased desirability/value, and possibly an aesthetic improvement.

Try other mortgage lenders or a broker? Offer the condition that you'll have the roof recovered within, say, a year? Or, just leave it with the seller - tell the EA things have changed, and even if you could get a mortgage for it, you couldn't entertain it at the current cost, as - one way or t'other - that roof needs stripping. So the seller either sorts it, or discounts.

FreeBear

“Although the seller doesn’t have any documentation directly relating to the insulation, he has got the report carried out by surveyors who visited the property in 2019 for mortgage purposes. The seller was granted a mortgage following this on the property.”

What was deemed acceptable by a single mortgage company back in 2019 has little relevance in today's market. The EA should know that other lenders will have totally different views as to risk, and another surveyor may well give an adverse opinion.

Even if documentation relating to the spray foam existed, I'd be treating it with a high degree of skepticism. Whilst the foam might be acceptable, it needs to be applied correctly. Simply put, it is the wrong product applied in the wrong place by an unknown entity.

user1977

 he has got the report carried out by surveyors who visited the property in 2019 for mortgage purposes.

Apart from anything else, did those surveyors even see the insulation? I wouldn't normally expect a valuation for a remortgage to go into the loft at all.

TroubledTarts

Sounds like estate agent rubbish.

It's probably best to walk away.