Morgage and Flood Risk

tedglen3

Hello all. We have a mortgage in place with the abbey and have just had search results back from solicitor. However one of the searches shows a moderate flood risk in my area which is quite normal if you live by a river.

My solicitor has had to send this info to the abbey so they can verify if they will still provide mortgage.

Is this normal, or is it unlikely that will now provide us with mortgage.

Also how long does this process take?

Thank you

opinions4u

The main issue could well be your ability to get buildings insurance.

It is normal. I would expect the mortgage to go through as long as you are accepted for buildings insurance.

I would ask yourself the question - why would anybody want to live close to a flood risk?

If you are happy to trade off the impact of flooding (every 20 years?) v nice view or whatever ... then fine.

tedglen3

The odd thing is, the house has never had an insurance claim for flooding or the area has never flooded. it has been put at risk simply because it is within 250m of a river.