How to remortgage without ews1? | Complete Guide

Over the years, we have received many enquiries where people are asking how to remortgageRefinancing an existing mortgage with a new mortgage. without EWS 1.

The process of remortgaging without ews1 can be a complex one as a number of factors need to be taken into account. This article will discuss the steps you should take when looking to remortgage without EWS1.

An EWS1 form is a fire safety assessment that is required for some buildings in England and Wales. The form assesses the fire safety of the building’s external wall system and provides a rating from A1 (no remedial action required) to C2 (immediate needed corrective action).

Post Topics

Why is an EWS1 form required for remortgages?

How can I remortgage without an EWS1 form?

What are the alternatives to an EWS1 form?

How to find a lender who will remortgage without an EWS1 form?

Which are the major mortgage lenders for remortgage without EWS1?

Next Steps

FAQs

Why is an EWS1 form required for remortgages?

Mortgage lenders require an EWS1 form to assess a property’s fire safety risk before offering a mortgage. This is because they are concerned about the potential cost of fire remediation work, which can be very high.

If you are looking to remortgage without an EWS1 form, the first step is to check with your mortgage lender whether they will accept a ‘no EWS1’ application. If not, you may need to look elsewhere for a lender who does not require the form.

You can then start shopping around for the best deal, taking into account all relevant fees and charges.

How can I remortgage without an EWS1 form?

There are a number of ways to remortgage without an EWS1 form, including:

• Remortgaging with your existing lender. Some lenders are now willing to offer remortgages to leaseholders with cladding, even if they do not have an EWS1 form. However, the interest rates on these remortgages may be higher.

• Using a specialist lender. There are a number of specialist lenders who are willing to offer mortgages to leaseholders with cladding, even if they do not have an EWS1 form. These lenders may have different lending criteria and interest rates than mainstream lenders.

• Taking out a high-LTV mortgage. If you have a high amount of equityThe difference between the value of the property and the amo... in your property, you may be able to take out a high-LTV mortgage without an EWS1 form. However, this will mean that you will have to pay a higher deposit and may have to pay higher interest rates.

• Waiting for the EWS1 form to be completed. If you are not in a hurry to remortgage, you may be able to wait for the EWS1 form to be completed. The government has pledged to make it easier and cheaper for leaseholders to obtain EWS1 forms.

How to find a lender who will remortgage without an EWS1 form

There are only limited mortgage lenders that can remortgage without an EWS1 form. Some lenders will accept alternative evidence of fire safety, while others may require a higher deposit or charge a higher interest rate. Researching the different lenders and their requirements is essential to find one that best suits your needs. However, as an expert mortgage broker, we can help you find the most suitable remortgage lender as per your requirements.

Which are the major mortgage lenders for remortgage without EWS1?

Several mortgage lenders in the UK may consider approving a mortgage application without requiring an EWS1 form. However, it’s important to note that accepting mortgage applications without an EWS1 form may vary depending on individual circumstances and the property in question. Here are a few examples of lenders that have been known to consider such applications:

The above information is correct as of November 16, 2023

Next Steps

Getting a mortgage without an EWS1 form is possible but may require more research and work than the usual mortgage process. If you’re looking to remortgage without an EWS1 form, consulting with a qualified professional or local authority is important to determine what evidence can be used as an alternative. Additionally, consulting with different lenders and researching their specific requirements can help you find the right lender for your needs. Finally, working with a reputable mortgage broker can help you save time and money, as they can provide guidance and assistance in finding the best remortgage deal for your individual circumstances.

FAQs

What is an EWS1 form?

An EWS1 form is an external wall system (EWS) fire safety assessment. It is required for certain buildings in England and Wales to assess the fire safety risk of the building’s external wall system.

Which buildings require an EWS1 form?

EWS1 forms are required for buildings that are over 18 metres tall and have certain types of cladding.

What is the process for obtaining an EWS1 form?

The process for obtaining an EWS1 form involves commissioning a qualified fire safety assessor to carry out an assessment of the building’s external wall system. The assessor will then prepare an EWS1 form that details the findings of the assessment.

How much does an EWS1 form cost, and how long does the process take?

The cost of an EWS1 form can vary depending on the size and complexity of the building. The process of obtaining an EWS1 form can also take several months.

What to do if you’re incorrectly asked for an EWS1 form?

If you are asked for an EWS1 form when you do not need one, you should contact your lender or building owner to explain the situation.

What if my building owner refuses to undertake the assessment?

If your building owner refuses to undertake the assessment, you can contact the Building Safety Regulator (BSR) to get help.

Can I get a mortgage without an EWS1 form?

In some cases, you may be able to get a mortgage without an EWS1 form. However, this will depend on the lender and the type of property you are buying.

What is the latest position from lenders on buildings over 11m?

In January 2023, a number of lenders agreed to start offering mortgages on flats in buildings over 11 metres tall, even if they do not have an EWS1 form. This is subject to certain conditions, such as the building having a government-backed or developer-funded remediation scheme in place.

Can I sell my home with no EWS1 form?

You may be able to sell your home without an EWS1 form if certain conditions are met. These conditions include:

• The developer has committed to correct any issues themselves.
• The building is covered by one of the recognised government schemes.
• The leaseholder is protected under the Building Safety Act and has a deed of certificate.

What is the process for obtaining an EWS1 form for a leasehold property?

The process for obtaining an EWS1 form for a leasehold property is similar to the process for obtaining an EWS1 form for a freehold property. However, the leaseholder will need to work with their landlord or managing agent to commission the assessment.