A framework has been released to help surveyors and property professionals appropriately inspect the use of spray foam insulation in properties in a bid to support homeowners that have had mortgage issues.
Created by Property Care Association, the new inspection protocol offers guidance for building professionals who are asked to consider spray polyurethane foam in properties.
Speaking to FTAdviser, chief executive of the trade association Stephen Hodgson said he hopes the framework will be the first step in the process to change how spray foam is dealt with, but acknowledged there is a lot of work to be done.
Mortgage professionals have previously highlighted the issues that arise with remortgaging on a property with spray foam insulation and how it can negatively affect homeowners ability to use equity release products.
Historically equity release lenders will not accept a property with spray foam roof insulation, and many mortgage lenders will not offer a mortgage deal for properties that have it installed.
Property Care Association said its new framework has been created with input from surveying institutions, lenders, surveyors, legislators, and product certification bodies.
However, none of the lenders involved have been willing to put their name to it publicly yet.
“All of the lenders that were involved asked us not to use company names and logos,” Hodgson told FTAdviser.
“There has been a very wide spectrum of oversight, but none of them are in a position individually at this stage to say that this is the guidance they are going to adopt.”
Hodgson said he does not think the new framework will solve the issues in the sector immediately, but he said it is a step towards ensuring there is competency in the sector when inspecting the use of the product.
“Without the practitioners the landscape can’t change,” Hodgson said.
Commenting on the framework, advising director at Advantage Financial Solutions, Thomas Collier said it is disappointing that no lenders have publicly got behind it yet.
"I’m pleased that action is finally being taken when it comes to polyurethane foam.
"The foam has been a great frustration of mine as a broker, so often I have to say those dreaded four words that all brokers hate saying to their clients 'Subject to Valuers Opinion'," Collier said.
"It’s a shame that no lender has said they’ll follow the protocol. However, surely this is the beginning of the end to the uncertainty surrounding the impacts of spray foam insulation."
