Nationwide Mortgages Decline Lending on Non Trads with Corrugated Asbestos Roof Panels
Whilst checking through the current lending criteria of Nationwide with respect to Non Traditional Properties and upon inspecting the Nationwide’s own Valuers manual, which provides guidance and assistance to valuers conducting surveys, I found the following reference to Corrugated Asbestos Roofing on page 57.
Main roofs of Corrugated asbestos
Unacceptable – decline the property.
It would therefore appear that whilst Nationwide will and do consider Non Traditional properties for lending purposes, they will decline all properties with a main roof that consists of corrugated asbestos roof panels, as the property is considered unsuitable for lending purposes.
This is worth bearing in mind to anyone who is considering making a mortgage application through Nationwide and could save you the time and expense of a wasted survey fee and mortgage application.
Note: This is not a recent change.
We have been informing BISF owners for several years of the need to consider replacing asbestos roofs with a new lightweight steel roofing system due to reported changes in lending criteria.
We have received many reports of declined applications due to such circumstances. Applicants have been angered that they were not informed at the outset that Nationwide will not lend in these circumstances.
Source: Ref Valuers Nationwide Whole Manual 11 March 2016 LINK