Santander hopes RICS guidance will speed up processes for cladding prisoners
Santander is hopeful that updated guidance from The Royal Institution of Chartered Surveyors (RICS) will speed up processes for cladding prisoners.
The bank revealed that it is already operating in line with the updated guidance from RICS and said it is hoping for a reduction in further cladding information requests from valuers.
A spokesperson for Santander, said: “We hope to see the updated guidance reduce the number of requests for further information on cladding made by valuers before providing a mortgage valuation.
“Cladding does not impact an existing mortgage customer’s ability to complete a product transfer with us and move to a new mortgage rate when they are not taking on any additional borrowing, or changing the mortgage term.”
Last month, RICS launched new guidance, which clarifies what types of properties will, and will not, require additional inspections due to concerns about fire safety.
The implementation of this guidance has been effective since 5 April.
Santander added that since July 2020, its approach has been that, where a valuer requires additional information on cladding, and in the absence of an EWS1 form, it can instead ask the building management to answer a series of questions on the building and its construction.
This approach is in line with the updated RICS guidance and helps homebuyers progress mortgage applications, which avoid lengthy delays in obtaining an EWS1 form.
The ESW1 form designates whether the external wall of a building, or attachments to the external wall such as cladding, are at low risk for fire.