Mortgage on a house with flood risk

wicklow_hunter

Hi all,

Looking to borrow against a property that is at risk to flooding. Im led to believe that the house has never flooded in the last 100 yrs. it is within 20 yards of a river. will banks lend if i can not get flood insurance on the property? Insurance companies will insure it with the clause of no flood insurance.

Any1 have any experience dealing with the banks on this topic? Thanks in advance

djimi

There was a thread on this not so long ago (probably still on the first 2-3 pages); would be worth digging out and having a read.

Ill say the same now as I said in that thread; I think you would want to be out of your mind to buy a house that is in a flood risk zone. Doesnt matter if it has ever flooded before. Especially if you wont get flood insurance; have you any idea of the kind of devastation a flood will cause to your property, and the kind of cost that would be involved in putting it right?

L1011

http://www.floodmaps.ie/ - and read the reports. There's a report for my street there, flood of the roadway caused by a tree root in a drain and no property damage, not classed as a flood risk.

And actually phone a number of insurance firms rather than going on hearsay, its possible that you can get full insurance.

The_Conductor

Its classified as an uninsurable risk- and most lenders will run a mile rather than give you a mortgage- or attach such onerous conditions to the loan as to make it wholly unworkable.