Mortgage equity release: A word of caution about loft insulation, which could render homes worthless.

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Mortgageequity.com has issued a warning about loft insulation, which could render homes worthless.

According to the Residential Property Surveyors Association, up to 250,000 homes have spray foam insulation in the loft.

Hundreds of thousands of homeowners with spray foam in their lofts may find that their homes are worthless unless they spend thousands of dollars to have it removed.

A financial adviser said he first became aware of the problem two years ago when clients approached him after being told they couldn’t sell or remortgage their home due to a surveyor’s valuation.

Clients discovered the problem was foam insulation installed in their roof, according to Andy Wilson, an equity release specialist.

“One client who came to me was devastated because the surveyor had shown them a form on which they [the surveyor]had put the property’s value at £0,” he explained.

They were told it was because their roof had been insulated with foam.”

Spray foam insulation has been around for about 30 years, but it has grown in popularity in the last ten years.

It was included in the government’s Green Homes Grant, which was given to English homeowners to help pay for energy-efficient home improvements.

The grant allowed homeowners to claim at least two-thirds of the cost of some energy-saving renovations, despite the fact that it closed to new applications on March 31.

The maximum amount that could be borrowed was $10,000.

According to the Residential Property Surveyors Association (RPSA), up to 250,000 homes have spray foam insulation in the loft.

It stated that the advice given to its members was to take a “extremely cautious approach, recommending the removal of the spray foam in almost every case.”

Mr Wilson clarified that the foam insulation used in lofts was not the same as that used in cavity walls.

Polyurethane foam (SPF) is the type of foam insulation that is used in lofts.

“It’s also called spray foam, or spray polyurethane foam (SPF), and it’s an alternative to traditional building insulation like fiberglass, wool, or mineral fiber rolls,” he said.

It can be used to insulate your roof, loft, walls, and floor, but it’s the roof installation that’s causing UK mortgage lenders the most trouble.”

Powered sprayers are used to apply the foam as a liquid, which then expands and turns into a.

UK news summary from Infosurhoy

Mortgagesequity release: Warning over loft insulation that could make homes worthless

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