Property News · March 24, 2012

How solar panels can dim mortgage prospects


One couple signed up for a PV installation in their roof – then found the 25-year lease made it hard to remortgage their home, despite official guidelinesThousands of households that agreed to rent their roofs to solar panel companies, in return for free electricity, could find their properties are unsaleable. It has emerged that lenders have begun turning down mortgage applications from homeowners who signed up to the schemes.Guardian Money has been contacted by a Southampton couple who were refused by several companies when they tried to remortgage. The refusals were on the basis that they had agreed to allow a firm to install solar panels on their roof for the duration of a 25-year lease. Although their existing mortgage provider agreed to the scheme, the couple are now worried they won’t be able to sell if potential buyers also struggle to find a loan. Continue reading…

Source : theguardian.com
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