Mortgage body welcomes flood announcement

A leading mortgage organisation in the UK has welcomed the announcement that flood insurance is to remain available.

The Council of Mortgage Lenders has stated that the move by the Association of British Insurers and the government will provide confidence to both firms and consumers in the sector.

Jackie Bennett, head of policy, stated that such cover was "an essential requirement" in a lender's process to grant a mortgage to consumers.

She added: "We welcome the announcement that flood insurance will remain widely available in the future.

"The agreement reassures both homeowners and mortgage lenders which is important in the current environment."

Recent figures from the CML revealed that lending for house purchase between April and May increased, with such loans increasing by four per cent in volume over the period.

The number of products taken out by first time buyers also rose by the same amount, with those consumers also lending an average of 3.3 times their income.

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