Could sustainable choices create remortgaging difficulties?
Reports of remortgaging difficulties are being made by customers who have had solar panels installed by companies who effectively rent their roof.
It has been suggested that many lenders have accepted existing customers having solar panels installed but the lender must agree the terms of the lease, and the installation and maintenance must meet required standards. When trying to re-mortgage, another lenders criteria may not be met.
The Council of Mortgage Lenders suggests that remortgaging problems could arise after agreeing to the installation of solar panels because the lease does not comply with the CML’s standards. Alternatively individual lenders’ requirements might not be met. At Deal Direct we are aware of differing lending criteria and so we can advise you of products that are appropriate .
Generally solar panel leases would need to comply with CML's standards which are intended to protect both the lender and the borrower. The standard requires a company to repair, at their own expense, any damage to the property caused by them during the installation, removal or maintenance of panels.
In response to a brief survey of lenders attitudes towards solar panel leases most said they had no problem providing the CML's standards and their own lending criteria are met.
If you are having problems remortgaging for this or any other reason, contact Deal Direct for advice. We are aware of lenders criteria and can find you a product that suits your particular circumstances.
