Mortgage for house that has attic spray foam insulation

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bluecabbage

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Has anyone had any issues or heard of anyone having issues getting a mortgage for a house in Ireland that has spray foam insulation in the attic?

I've seen posts online from the UK that banks wont grant mortgages as they cant verify the state of the roof (which is strange in itself as if you have the attic converted, your in the same boat!)
 
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Our house is spray foamed and we had no issues getting the re-mortgage done twice over the years.
 
bluecabbage said:
Has anyone had any issues or heard of anyone having issues getting a mortgage for a house in Ireland that has spray foam insulation in the attic?

I've seen posts online from the UK that banks wont grant mortgages as they cant verify the state of the roof (which is strange in itself as if you have the attic converted, your in the same boat!)
Click to expand...
If you have the attic converted how can they know you've foam sprayed the roof? Greatest load of cobblers I ever heard. Any links to the banks refusal to give a mortgage with a spray foamed roof, apart from a social media poster saying it?
 
bluecabbage said:
Has anyone had any issues or heard of anyone having issues getting a mortgage for a house in Ireland that has spray foam insulation in the attic?

I've seen posts online from the UK that banks wont grant mortgages as they cant verify the state of the roof (which is strange in itself as if you have the attic converted, your in the same boat!)
Click to expand...
Banks don't check the state of the roof when giving a mortgage.
 
Is this some kind of reaction to the Grenfell fire disaster maybe ?
 
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noproblem said:
If you have the attic converted how can they know you've foam sprayed the roof? Greatest load of cobblers I ever heard. Any links to the banks refusal to give a mortgage with a spray foamed roof, apart from a social media poster saying it?
Click to expand...

Well the issue is they cant see the roof you spray foamed so if you converted it shouldnt matter if you foamed cus you cant see the roof anyway! But they dont seem to have an issue with conversions, just the spray foam so its all a load of nonsense really

heres the first 2 links for a search...

thinkplutus.com

Spray Foam Insulation Mortgage Problems - Think Plutus

Learn why mortgage and equity release lenders are reluctant to lend against a property with spray foam insulation, and potential solutions
thinkplutus.com thinkplutus.com

www.mortgagestrategy.co.uk

Spray foam insulation leaves 250,000 homes in mortgage limbo – Mortgage Strategy

An estimated 15 million homes in England and Wales need energy efficiency improvements – but property professionals are concerned that cash is being wasted on spray foam insulation, described as the “kiss of death” for homeowners who apply for mortgages or equity release loans for properties...
www.mortgagestrategy.co.uk www.mortgagestrategy.co.uk
 
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An Irish mortgage valuation is the only contact a mortgage lender has with the house. An Irish mortgage valuation is a cursory glance at the property - "Yup, it's here at that address, yup it's standing, yup I walked around it and could see no obvious sign of any major damage or structural issues, yup it's worth the €x,000 that the applicant is bidding for it and here's a couple of other similar houses in the area and their prices." That's broadly it. The mortgage valuation won't make any reference to attic insulation.

You might get a structural survey done, but that's for your own use only.
 
bluecabbage said:
Well the issue is they cant see the roof you spray foamed so if you converted it shouldnt matter if you foamed cus you cant see the roof anyway! But they dont seem to have an issue with conversions, just the spray foam so its all a load of nonsense really

heres the first 2 links for a search...

thinkplutus.com

Spray Foam Insulation Mortgage Problems - Think Plutus

Learn why mortgage and equity release lenders are reluctant to lend against a property with spray foam insulation, and potential solutions
thinkplutus.com thinkplutus.com

www.mortgagestrategy.co.uk

Spray foam insulation leaves 250,000 homes in mortgage limbo – Mortgage Strategy

An estimated 15 million homes in England and Wales need energy efficiency improvements – but property professionals are concerned that cash is being wasted on spray foam insulation, described as the “kiss of death” for homeowners who apply for mortgages or equity release loans for properties...
www.mortgagestrategy.co.uk www.mortgagestrategy.co.uk
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Still not answering my question in..., post: 1785113, member: 105547"] , [/QUOTE]
 
If you have the attic converted how can they know you've foam sprayed the roof? - a good question that only the banks in the UK can answer

Any links to the banks refusal to give a mortgage with a spray foamed roof, apart from a social media poster saying it? - No specific cases, just general news reports. See links above.
 
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My attic conversion and any that I have seen have small access doors into the eaves for storage, the water tank is usually in there too.
If anyone wanted to know if the roof of a house with a converted attic had spray foam insulation, all they would have to do is look in the eaves.
 
I bought a house recently in N. Ireland and was informed by the surveyor that if there was spray foam in the attic he would advise us to walk away from the purchase. I can't remember the exact reason but I believe it was something to do with building control compliance, and that it is an absolute nightmare to remove.
 
Mortgage broker in the UK here saying no equity release providers will consider a house with such insulation
andywilsonfs.co.uk

What's the problem with Spray Foam Insulation? - Andy Wilson Financial Services

Spray foam insulation is becoming popular as a means of insulating property. But how does it affect mortgages and equity release?
andywilsonfs.co.uk

It may depend on the type of insulation used and I've seen seperate articles from the surveyors organisation saying they are recommending its removal

Core issue seems to be that it adds stress to the timbers, increases condensation and which can then lead to rot
 
There is something to watch out for in the UK it seems. But I have read nothing (and no one saying anything here) about issues in Ireland.

Having gone through 4 different mortgage providers myself, I have never been asked anything about the roof at any point.
 
This morning's Sunday Times has an article on spray foam insulation which says it makes houses non mortgageable (in the UK):
www.thetimes.co.uk

We can’t sell our house because it has spray-foam insulation

Spray foam insulation is a popular way to save on energy bills, but if done badly it can wreck your plans to sell
www.thetimes.co.uk www.thetimes.co.uk

It says the reasons are as follows: “It can encapsulate the wooden timbers in the roof and, in some cases, it can trap moisture behind it, which means that timbers can rot,” Andy Wilson, an equity release specialist in Lincolnshire, says. “In some cases, they will put a zero valuation on the property for mortgage purposes.”
 
Mocame said:
This morning's Sunday Times has an article on spray foam insulation which says it makes houses non mortgageable (in the UK):
www.thetimes.co.uk

We can’t sell our house because it has spray-foam insulation

Spray foam insulation is a popular way to save on energy bills, but if done badly it can wreck your plans to sell
www.thetimes.co.uk www.thetimes.co.uk

It says the reasons are as follows: “It can encapsulate the wooden timbers in the roof and, in some cases, it can trap moisture behind it, which means that timbers can rot,” Andy Wilson, an equity release specialist in Lincolnshire, says. “In some cases, they will put a zero valuation on the property for mortgage purposes.”
Click to expand...
Wow, that should be making headlines here. Maybe there's different types of foam insulation for doing the roof between rafters. If not? I know a lot of people who have had this done over the last 12 months by a company based in Northern Ireland but with agents all over the Irish republic. It's not cheap either.
 
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