We’ve had a few customers call us (rather surprised) to say their new mortgage company has asked them for an asbestos survey. Here’s why new mortgage customers are being asked the question and how we can help.

When applying for a mortgage, there are several steps involved in the approval process. This includes credit checks, property valuations and various other assessments. One additional requirement that mortgage providers might now request is an asbestos survey. While this may seem like an extra burden it serves a crucial purpose for both the lender and the borrower. So why might a mortgage provider request an asbestos survey before agreeing finance?

For mortgage providers, approving a loan is an investment decision. They want to ensure that the property being financed is in good condition and that there are no hidden risks that could affect its value or the ability to resell it in the future. Asbestos, if present, can be a significant liability for both the borrower and the lender.

An asbestos survey provides crucial information about the presence, condition and potential risks associated with asbestos-containing materials (ACMs) within a property. Having an asbestos survey allows the mortgage provider to better understand the potential future cost of asbestos liability.

While the mortgage provider’s primary concern is protecting their investment, the borrower also benefits from an asbestos survey. By uncovering any asbestos-related risks, the survey ensures that the borrower is aware of potential hazards and associated costs. This knowledge empowers them to make informed decisions about purchasing, renovating, or negotiating the property’s price.

While an asbestos survey may initially seem like an additional requirement in the mortgage application process, it does provide vital information for both the lender and the borrower. By understanding the potential cost of asbestos liability, mortgage providers can protect their investment and make informed decisions regarding financing. Borrowers also benefit from increased awareness of any asbestos-related risks, enabling them to make informed choices about property purchases and to better plan and assess planned refurbishment or improvement works.

Ultimately, an asbestos survey enhances transparency, safeguards health, and contributes to a safer environment for all parties involved.

Our information sheet ‘Dealing with asbestos in domestic properties’ may provide further useful information.

For more information or to speak to one of our experts call us on 01923 661144 or email us at info@vinteclabs.com

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