Around 250,000 homes are affected by spray foam insulation, which in many cases, has made properties difficult to sell or release equity.
Originally installed under the government’s Green Homes Grant, spray foam was meant to improve efficiency.
Instead, concerns about poor installation, roof damage and long-term structural risk have left many effectively locked out of the mortgage market, according to LiveMore.
The lender said borrowers resorted to taking matters into their own hands. Some attempted removal themselves or paid unregulated contractors. Some borrowers had no choice but to stay put despite changing financial or personal circumstances.
Through a partnership with specialist provider Verified Building Services (VBS), the product ensures spray foam is professionally removed by vetted tradespeople, with no upfront cost to the customer. At the same time, properties are valued on the assumption that the spray foam has already been removed, enabling lending decisions to proceed.
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Leon Diamond, CEO of LiveMore said: “There are thousands of homeowners who, through no fault of their own, have been left in limbo because they tried to improve their homes. Many will have been turned down by multiple lenders and are feeling desperate – but we’re here to help homeowners who would otherwise be stuck.”
He added: “Our mission is to champion under-served borrowers, and we saw an opportunity to help people not just with the lending but also get to the root of the problem and remove the spray foam.
“We believe this product is unique in the market in trying to address both the technical and financial barriers associated with spray foam insulation. For many homeowners, it offers something that has been missing until now – a realistic way to move from no back to yes – and move forward with their lives.”
