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Flooding is something you should think about when taking out home insurance.
And we are seeing major changes to home insurance. If you live in an area at risk of flooding or are thinking about buying a property with flood history, have you heard of Flood Re? (Source: Flood Re)
It’s a government-backed scheme that helps households at higher risk of flooding access affordable insurance. It’s announced a new package of big reforms as it reaches its tenth anniversary. It’ll aim to help you become more flood-resilient and prepare for the scheme’s planned end in 2039.
What is changing?
One of the most immediate changes will benefit some lower-income households. From April 2027, Flood Re will reduce the premium it charges insurers for contents-only policies in Council Tax Bands A and B. Flood Re expects insurers to pass these savings on to customers. (Source: UK Parliament)
But the changes go beyond premiums. Flood Re is also developing Flood Performance Certificates, designed to work somewhat like Energy Performance Certificates. They could help homeowners understand how vulnerable their property is and make it more resilient. The aim is for improvements to a property’s flood resilience to be recognised through insurance pricing. (Source: Flood Re)
Why should homeowners care?
Flood insurance can be particularly important when you’re buying or remortgaging a property. If a property has a history of flooding or is considered at significant risk, finding suitable and affordable insurance can be more complicated. Flood Re has helped improve access to cover over the past decade.
Buying a home in a flood-risk area?
Don’t automatically assume that a flood-risk property is uninsurable – but don’t ignore the issue either.
Before buying, investigate the property’s flood history, understand what insurance is available, and find out whether measures could reduce the potential impact of future flooding. And if you’re already a homeowner, reviewing your buildings and contents insurance regularly is worthwhile. Check your sums insured, excesses and exclusions, and make sure you understand exactly what you’re covered for.
If you’re buying, remortgaging or simply unsure whether your home and insurance are still right for you, we’re here to help. Get in touch, and we can talk through your circumstances and point you towards the right questions to ask.
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Put simply, the more deposit you have, the better, as a higher deposit will generally attract a lower mortgage rate. But, because mortgage products change all the time, do give us a call, as the percentage deposit you need will vary.
Mortgage lenders will have a maximum LTV (loan to value) that they’re prepared to offer you. For example, if you’re looking at a property with a value of £250,000 and the lender offers you £212,500, this means your LTV is 85%, so your deposit would be £37,500 which equates to 15%.
When buying a property, or re-mortgaging, rather than take your word for it, the lender will need a valuation of your intended property purchase, to ensure that what you’re asking to borrow, coincides with the property’s value. In fact, they’ll insist upon it.
It’s well worth investing in a survey too. This will tell you about the general condition of the property. If you’re investing in a property that’s older, or in a general state of disrepair, it would be well worth investing a little extra in a structural survey.
When saving for your deposit, don’t forget to save extra for things like solicitor fees, surveys, stamp duty, home insurance, removal costs, mortgage arrangement fees, etc.
To assess whether or not you can afford a mortgage, lenders will look in detail at things like your salary, any other income you receive. Plus, they will also need to know about any other outgoings such as car loans, credit card debt, personal loans, utility bills, childcare, general living costs. All this is taken into consideration when applying for a mortgage.
Also, be aware that lenders will look at your credit score too. They need to be confident that you can pay back your mortgage and that you pay back any other credit, essentially to make sure that you are a reliable borrower.
We’ve been in the property industry for a number of years now and as such, only work with trusted partners, such as conveyancing solicitors, etc. So if you need help, then do not hesitate to ask and we will put you in touch.
Comparison sites serve their purpose, but, because they don’t have access to the whole of market, the results you will see will be limited. Comparison sites will only show the results of the lenders who have paid to advertise on their site.
At Steeples Mortgages, we’re more than happy to chat things through with you, we much prefer the personal touch, be that by telephone, Zoom or in person.
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As a member of The Equity Release Council and certified in Mortgage Advice and Practice, Steeples Mortgages is all about doing the right thing. We want each and every client to be a lifelong client and as such, we provide the very best customer service, coupled with the most suitable advice all underpinned by honesty, integrity and trust.
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A dedicated team committed to giving you the best mortgage and protection advice.
Aaron Steeples
Founder & Managing Director
Founded Steeples Mortgages in 2017. Two decades in finance with a client-first approach built on honest, transparent advice.
Kylie Waite
Client Completion & Office Manager
Oversees every client’s journey from application to completion, ensuring a smooth and stress-free experience.
Duncan Schofield
Mortgage & Protection Advisor
40 years in financial services. Specialist knowledge with self-employed clients and complex mortgage cases.
Adnan Ahmed
Mortgage & Protection Advisor
Dedicated to helping clients find the right products with clarity and care, from first-time buyers to remortgages.
Cheryl Whitehead
Mortgage Administrator
Cheryl has been working in the mortgage industry for over three years now and has built up valuable experience.