Mortgage Without EWS1
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Mortgage Without EWS1
Sam talks to us about how you can get a mortgage without an EWS1.
What is an EWS1?
EWS1 stands for External Wall Survey, and the EWS1 form documents the findings of an external wall fire review of a building over 80 metres in height.
This is obviously relevant to an apartment block or high-rise building. The form records data about combustible materials on external walls, such as combustible cladding or wooden balconies.
The form gives each building a score of either A, 1 or 2 where the external wall materials are unlikely to support combustion at all. There’s also B1 or B2 ratings, if the surveyor does find combustible materials in the external wall.
During a valuation for mortgage purposes, the valuer will often request a copy of the EWS1 form to ensure that the building meets current fire safety standards.
Who is responsible for obtaining an EWS1?
It’s the responsibility of the building owner to arrange an external firewall review and EWS1 form. Leaseholders could contact either the building owner or the management company to request a copy of it.
How do I know if my property has cladding?
The right way to find out would be to request a copy of the EWS1 form from the building management company, and check what rating the building has been given. This will confirm if the building has any combustible materials, which includes cladding.
Can you get a mortgage without an EWS1 certificate? Is the EWS1 form no longer required?
Whilst most mortgage lenders will automatically request this EWS1 certificate, six major mortgage lenders have agreed to offer mortgages under new industry guidance, which means it is possible to get a mortgage on a flat without an EWS1 certificate.
Mortgage lenders could now lend against these types of properties, as long as there are recognised remediation schemes with the government or developer.
Do all lenders require an ESW1 form? What criteria do I need to meet?
The Royal Institute of Chartered Surveyors issued new industry guidelines to mortgage lenders in January 2023, meaning an EWS1 certificate or form is no longer required in all cases.
To get a mortgage with one of six mortgage lenders who have signed up to the new guidelines, you still need to provide evidence that certain conditions apply.
The building needs to be fixed by the developer, which is known as self-remediation, or you’d need to be covered by one of the recognised government schemes. These are the Developer Remediation contracts, the Medium Rise scheme or the Building Safety Fund.
You might also be covered by the leaseholder protections in the Building Safety Act – you could check if you qualify for these protections using the government’s online tool. So although an EWS1 form is not necessarily required, there is still other evidence to provide in order to get the mortgage.
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What is the difference between an EWS1 and a Fire Risk Appraisal of External Walls (FRAEW)?
These are two different types of surveys, although a Fire Risk Appraisal of External Walls could be required as part of the EWS1 process for high risk buildings.
Mortgage lenders will generally only ask for the EWS 1 certificate, so that’s really the one that you need to look at as far as buying a property and getting a mortgage on it.
Do I need an EWS1 form to sell my flat? Can I sell my flats without an EWS1 certificate or form?
Whilst it might be more difficult to sell your home or flat without an EWS1 certificate, it is possible, especially now there are lenders who could offer mortgages on a flat or home without an EWS1 certificate.
How do I get an EWS1 certificate?
The building owner or management company would engage with a qualified professional to arrange the initial inspection of the building. Once the inspection is complete, the assessor will provide the EWS1 form, setting out the details from the survey.
How long does it take to get an EWS1 certificate or form?
There is a shortage of qualified professionals who could carry these surveys out, so it’s not a quick process. It could take up to six to 12 months for everything to be completed and for you to get your certificate.
How much does an EWS1 form cost?
It’s not a fixed cost, and gaining the EWS1 fire safety certificate will range in price depending on the building being surveyed.
For example, it could be a five-storey block of apartments with 50 homes, or it could be a 15 storey high-rise building in London with 300 homes. So the cost will vary.
It’s therefore important to get a personalised quote from a qualified professional. I believe that the standard costs of these certificates start at around £6,000 or £7,000.
How can a mortgage broker help here?
It’s important to use a mortgage broker who’s got experience in helping buyers get mortgages for flats. We’ll be able to take a look at the property, look at the EWS1 forms and find a suitable mortgage for that particular home.
It could be quite expensive to buy a property if you find out that you can’t get a mortgage on it for any reason, due to the survey costs. So it’s always right to speak with a broker. We’ll look at the property and give you a mortgage recommendation for the flat you’re looking to buy.
Any information discussed here should not be considered advice and for information purposes only
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
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