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Mortgage article 4:Government urged to back its own commitment to flood defences; page 2
"The ability to obtain insurance at a reasonable cost is a key requirement for both lenders and borrowers. Without the protection of insurance, the lender's security in the property is threatened, making it virtually impossible to obtain a mortgage. Even if borrowers could get a loan for the property, they would be extremely vulnerable if they had to meet the costs of any significant flood damage from their own pockets.
"Individuals cannot generally be responsible for protecting their properties from the dangers of flooding, and the need to invest in flood defences to safeguard national assets has already been acknowledged in the Government's election manifesto. The pressure to find land to meet housing demand means that more homes are likely to be built where there is a risk of flooding, so investment in proper defences is essential."
Note to Editors
1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 98% of all residential mortgage lending in the UK. There are more than 11 million mortgage customers in the UK, with loans worth more than £590 billion. Further background information on the CML is available from our website at www.cml.org.uk.
2. 2. Figures on building in areas of flood risk were published on 28 May 2002 in National Statistics Statistical Release Land Use Change in England: Residential
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