November 20, 20214 yr As an independant equity release adviser for 10 years who also worked for "Key" for a while, all I can say is that the underwriters are very cautious on anthing novel. The lifetime mortgage market will mature and eventually accept such properties. They factor in as their clients age and the majority are over 60 at the outset, they are less predisposed to maintain or go through the usual refurb cycle although they routinely revalue and survey circa every 5 to 10 years, they are reluctant stick their necks out. One issue is that their are relatively few lenders in the market and with an immature market they can choose to be picky. And a few lenders dominate the market, one being Key themselves who push their own in house products.
November 21, 20214 yr Hardly novel when the CML have recognised ICF for 10 years and it's been going years before this. Has anyone ever heard of post construction issues with ICF? There are plenty of timber frame problems around here where the developer (some very large ones too) have not built the property correctly and the frame is rotting inside the building. One small block of 3 stone clad apartments built 20 years ago has this timber frame issue. I suppose it maybe different on a short mortgage over equity release but I would not be surprised on a short mortgage if the number of lenders willing to lend were massively diminished.
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