UPDATE on the flat cladding/fire safety crisis.
FT reports government asking banks if they can help solve it - meeting with ministers (including PM) & bank bosses on Tuesday....
ft.com/content/226d30…
FT reports government asking banks if they can help solve it - meeting with ministers (including PM) & bank bosses on Tuesday....
ft.com/content/226d30…
...Banks won't lend to people seeking to buy flats with cladding/safety issues helping to make them impossible to sell.
Sounds like banks are proposing government guarantee on mortgages made on flats that could be identified as dangerous to help unlock bank lending...
Sounds like banks are proposing government guarantee on mortgages made on flats that could be identified as dangerous to help unlock bank lending...
...Would this work?
Seems to miss the fact that even if someone *could* get lending to buy one of these flats, why would they if they could be hit with bill of up to £100k after purchase?...
Seems to miss the fact that even if someone *could* get lending to buy one of these flats, why would they if they could be hit with bill of up to £100k after purchase?...
...Also FT reports that government analysis has put the number of properties affected at 840,000 flats - potentially large enough to have an impact on the overall housing market...
...Here's @BBCNewsnight's explainer from Monday on the issue 👇
https://twitter.com/BBCNewsnight/status/1412388360350486534?s=20
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