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Live: The Royal Institute of Chartered Surveyors (RICS) implemented new cladding guidance on 5 April which clarified what types of properties will, and will not, require additional inspections due to concerns about fire safety.
It is currently estimated that there are two million mortgage prisoners in the UK as a result of the cladding crisis, in addition to 600,000 people currently living in high-rise buildings with dangerous cladding.
According to the latest government statistics, just 53% of high-rise buildings known to have highly flammable aluminium composite material (ACM) cladding have completed remediation.
ACM cladding was the type of cladding responsible for the Grenfell Tower disaster in June 2017.
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Santander is hopeful that updated guidance from The Royal Institution of Chartered Surveyors (RICS) will speed up processes for cladding prisoners.
The bank revealed that it is already operating in line with the updated guidance from RICS and said it is hoping for a reduction in further cladding information requests from valuers.
A spokesperson for Santander, said: “We hope to see the updated guidance reduce the number of requests for further information on cladding made by valuers before providing a mortgage valuation.
“Cladding does not impact an existing mortgage customer’s ability to complete a product transfer with us and move to a new mortgage rate when they are not taking on any additional borrowing, or changing the mortgage term.”
Apr 14, 2021
Dr. Bajaj, an alumnus of MIT, Mangalore University, holds a Ph.D from University of Technology Sydney, Australia and was himself an outstanding student. He is passionate about knowledge sharing and has been associated with higher education in Built Environment sector since past 30 years. He is an adjunct professor at SKEMA Business School, France, and Chongqing Jianzhu College, Chongqing, China. He is also adjunct professor at RICS SBE since 2016 and regularly mentors and supervises PhD scholars and master’s degree students.
At RICS SBE, his priority will be to provide effective leadership and strategic direction to the School of Construction, Noida and ensure that it adheres to the highest academic standards while remaining aligned to the industry’s needs.