Curious reasons for lenders denying equity release
As we advise on equity release, we were interested to read this article in FT Adviser. The article reports: “Aviva will not lend on properties with single skin brickwork where it comprises more than 20 per cent of the surface area of the external walls, while More 2 Life has concerns about the percentage of roof slates on a building containing asbestos.
Canada Life told FT Adviser it would not lend on some listed buildings, primarily grade 1 or grade 2, but would consider “timber framed properties” — but only if they were built before 1960.By comparison, Aviva will not accept timber framed properties built between 1920 and 1965.”
As independent advisers, we can look at the whole of the market for a solution which best meets your specific circumstances.