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Flood zone mortgages

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Feb 6, 2023

Can you get a mortgage for a house located in a flood zone?

People are often concerned about getting a mortgage to finance a property in a flood zone.

We work with mortgage brokers who know how to get the best mortgage deal on a property in flood-risk areas, regardless of whether you have been declined or have bad credit ratings.

Click below, where we provide mortgage advice on a flood risk zone and flood risk properties. We have a few mortgage providers lending in flood-risk zones if you are looking at buying a house. We can also discuss how to obtain flood insurance.

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How to get a flood zone mortgage?

Specialist lenders are more likely than others to lend a mortgage to a property in high-risk flood areas. Our advisors have access to these lenders and those from other parts of the UK.

Some lenders will require that the risk of flooding damage is low. Others may offer a mortgage to finance a property with high flood risk but ask for flood insurance coverage and a higher deposit.

The lender and your personal circumstances will determine whether you are eligible for a mortgage in a flood-risk area. The mortgage brokers we work alongside are experts in finding the best deals, regardless of whether the property is in a flood area.

Establish an online mortgage advisor by clicking the link below. We will find you a mortgage lender and help with your mortgage application.

Mortgage companies require flood insurance.

You may need flood insurance if you plan to mortgage a property in high-risk areas such as flood zones two and 3.

Lenders often insist that borrowers have flood insurance even if they live in low- or moderate-flood risk property.

Flood damage can cause significant damage to property owners. Flood insurance protects both the borrower as well as the lender.

However, lenders are not required to require flood insurance from borrowers. Finding a lender who doesn’t require flood cover may be possible. Be aware that the mortgage lender may not cover flood damage to your home.

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What is the frequency of flooding in the UK?

Although homeowners may not see flood risk as high, rising sea levels and heavy rain could make it more likely than they think.

According to government estimates, almost 2 million homes are at risk from flooding in floodplains near rivers, estuaries, and coastlines in the UK.

Flooding is not only a threat to properties located near water. Flooding from heavy downpours, surface water flooding and urban drains can cause flooding to eighty thousand homes.

What is the cost of buildings insurance with flood damage?

In 2017, the average water damage claim was £4,000, and the average cost of rebuilding a property severely damaged by flooding was £180,000. However, the average cost of home insurance premiums is £120 per year. This will depend on your circumstances and property.

Insurers may charge higher premiums if your home is located in an area more susceptible to flooding or that has been flooded before. Our advisors can help you find the best flood insurance deals and market research to support a mortgage approval.

What are the requirements for mortgage flood insurance?

To apply for Buildings insurance in the UK with flood coverage, you must:

  • A UK citizen
  • Aged 18 or over
  • The property owner

Providers will have different requirements regarding flood damage coverage and building insurance.

What flood insurance will I be covered for?

  • Removing debris
  • Surveyors, architects, and solicitors pay fees
  • Replacing damaged furniture and belongings
  • Alternate accommodation (this could vary among different insurance policies).
  • Drying your property and all its fixtures and fittings

What about damage to my belongings that are not covered by buildings insurance?

Standard buildings insurance will not cover contents unless you have home contents insurance.

Although contents insurance is not mandatory, it is recommended if your property is at high flood risk. You might have to replace your possessions at a higher cost than the coverage.

Before you purchase a property, assess its flood risk

The Know Your Flood Risk campaign created a simple and understandable Flood Report to help homeowners assess their flood risk. You can also google the federal emergency management agency for more information on floods.

This website costs £20 + VAT and can be very useful for potential homeowners. This website allows you to access information about the property, the area, and how likely it is that you will be able to find an insurance company.

Flood risk information from other sources

The Flood Action Campaign is another source of information about flood risk in the UK. Their research has shown that people aged 18-34 are less likely to think about flood risk in their locality. They aim to encourage them to do so as well as other age groups to do so.

The site provides information on areas most likely to flood and offers helpful advice on how to protect yourself and your property in the event of flooding.

What can I do to get help with mortgages and flood insurance?

Our advisors can help you to negotiate with insurance companies and arrange coverage for your property. This will allow you to confirm whether coverage is available for your property and enable you to proceed with mortgaging.

If the property is too risky because of the possibility of flooding damage, some mortgage lenders might decline to approve a mortgage application. Some lenders are willing to mortgage these properties, and our brokers have access to them.

Talk to a mortgage specialist about flood zones today

Click the link below for the best advice on getting a mortgage in a flood area. We can discuss the lender criteria and tailored advice to suit you. We aim to have your mortgage approved.

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Is a flood a natural phenomenon?

Not necessarily. Water that escapes from a property, i.e. Floods, can also occur when water runs from a boiler or bath, but this is usually covered by insurance under the escape of waters peril.

Do I still need flood insurance if I have a mortgage?

You should, especially if your home is in an area at high flood risk. You could breach your mortgage contract if you don’t have a flood or building insurance. This could result in your home being taken away.

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