Start the Year Right: Plan your Mortgage Now

January often feels like one of the longest months of the year. With extended gaps until payday and the financial strain left by the festive season, many find their budgets stretched to the limit. If you’re feeling the squeeze right now, take it as an opportunity to Plan your Mortgage Now.

Post-Christmas Financial Vulnerability

The period after Christmas can leave many of us in a precarious financial position. According to the Legal & General Deadline to Breadline report, the average UK household is just 19 days from the breadline if their income were to stop suddenly¹. This reality highlights the importance of careful financial planning and having plans in place should the worst happen. If you find yourself dipping into savings or relying on credit to cover essential expenses, now is the perfect time to take action to protect what matters most to you and your family.

Planning Ahead for the New Financial Year

The start of a new year is the perfect time to Plan your Mortgage Now & protection arrangements. We’re here to support you with mortgage and protection reviews to ensure your finances are set up to match your current needs and future goals.

By reviewing your mortgage, we can help you:

• Ensure you’re on the most suitable rate for your situation.
• Avoid slipping onto expensive Standard Variable Rates (SVRs)².
• Plan for any upcoming changes, such as job transitions or family growth.

We also recommend taking the time to review your protection arrangements. This will help ensure your income, health, and lifestyle are adequately safeguarded. Regular reviews of life cover, critical illness cover, and income protection ensure you and your loved ones remain protected in the face of life’s uncertainties.

Why Plan your Mortgage Now plus Protection Review

Life evolves, and so do your financial needs. That’s why it’s essential to regularly review your mortgage and protection arrangements. Changes in income, marital status, or family size can mean your current setup no longer aligns with your requirements, potentially leaving you overpaying or under-protected.

From a mortgage perspective, regular reviews can help you identify opportunities to save money by accessing better rates or switching to products that better support your financial goals. If your circumstances are changing, or you’re approaching the end of a fixed-term period, we can assess your current situation and advise on tailored mortgage options that may suit your needs better than your existing deal.

We have access to a wide range of remortgage and product transfer options, including many exclusive deals not available on the High Street. While your existing lender may contact you with their latest offers, we recommend booking an appointment with us. We’ll help ensure you’re not just choosing the most convenient option, but the one that truly aligns with your goals and where you want to be in the future.

Protection Review: How Long Could You Last Without an Income?

We’re dedicated to keeping you protected, because life has a way of presenting unexpected challenges when you least expect them.

The Legal & General Deadline to Breadline Report 2022 found that 37% of UK households have less than £1,000 in savings, and 16% have no savings at all¹. This underscores the importance of having a financial safety net. If you’re one of the 42% of employed adults who believe they could only survive a month or less on savings¹, it’s time to think about income protection.

Income protection policies provide a safety net by replacing a portion of your income if you’re unable to work due to illness or injury³. Critical illness cover and life insurance also ensure your loved ones are cared for in the event of the unexpected⁴. By reviewing your protection arrangements, we can help you close any gaps in your financial safety net and reduce the risk of financial hardship.

Book Your Mortgage & Protection Appointment Now

The start of the year is the perfect time to take charge of your mortgage and protection arrangements. Reach out to us for tailored advice, designed to address any gaps in your protection and ensure you’re on a mortgage deal that fits your unique circumstances. Together, we can help you build a secure and stable future for you and your family. Plan your Mortgage Now

Sources

1. Legal & General (2022). Deadline to Breadline Report. Available at: https://www.legalandgeneral.com/landg-assets/adviser/files/protection/sales-aid/deadline-to-breadline-report-2022.pdf [Accessed 21 Jan 2025]
2. Money Advice Service (2025). Understanding Mortgages and Interest Rates. Available at: https://www.moneyhelper.org.uk/en/homes/buying-a-home/mortgage-interest-rate-options [Accessed 21 Jan 2025]
3. Moneyhelper (2025) What is income protection insurance?. Available at:  https://www.moneyhelper.org.uk/en/everyday-money/insurance/what-is-income-protection-insurance [Accessed 21 Jan 2025]
4. Moneyhelper (2025) What is critical illness cover?. Available at: https://www.moneyhelper.org.uk/en/everyday-money/insurance/what-is-critical-illness-cover [Accessed 21 Jan 2025]
   
   For more information go to Mortgage – The Finance House

All the information in this article is correct as of the publish date 30^th January 2025. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.

Buying a Home in a Flood Risk Area: What You Need to Know

Purchasing a home is one of the most significant decisions you’ll ever make, so it’s crucial to consider all potential risks before committing. This winter, flooding has once again made the headlines, affecting many homes across the UK, and highlighting the importance of factoring in Flood Risk Area when searching for your next property.

For some UK buyers, this means carefully evaluating the possibility of purchasing a home in a flood-prone area. With extreme weather events becoming increasingly common, understanding and assessing flood risks is vital to safeguarding your investment—and your peace of mind.

What is a Flood Risk Area?

A flood risk area refers to a location that is more susceptible to flooding, whether from rivers, the sea, or surface water. According to the Environment Agency, over 5.2 million properties in England are at risk of flooding¹. In Scotland, Wales, and Northern Ireland, similar assessments are made by SEPA, NRW, and DfI Rivers, respectively. Flood risk isn’t confined to areas near rivers or coastlines; heavy rainfall and inadequate drainage systems can also pose a threat in urban areas.

Should You Buy a Property in a Flood Zone?

Buying a home in a flood zone isn’t necessarily a dealbreaker, but it does require very careful consideration. Properties in these areas can sometimes be more affordable, but there are potential downsides. You may face challenges securing insurance, higher premiums, or even difficulty selling the property in the future. That said, properties with robust flood defences or lower-risk classifications may offer greater peace of mind here.

Assessing the Flood Risk

Before you fall in love with a property, take the time to investigate its flood risk. The Environment Agency provides a free online flood risk assessment tool for properties in England, while devolved governments offer similar services in other parts of the UK.

• England – https://flood-map-for-planning.service.gov.uk/
• Wales – https://naturalresources.wales/flooding/check-your-flood-risk-by-postcode
• Scotland – https://map.sepa.org.uk/floodmaps
• Northern Ireland – https://www.nidirect.gov.uk/articles/check-risk-flooding-your-area

These tools allow you to check the likelihood of flooding from various sources and provide detailed maps of flood zones. Additionally, it’s important to ask the seller for any information about the property’s flood history or damage caused by previous flooding.

The Environment Agency has created a series of Flood Zone Tiers to help assess the risk²:

• High: These are the areas with the most severe chance of flooding, and have over a 3.3% chance of it flooding each year. This also takes flood defences into account.
• Medium: These areas have a 1-3.3% chance of flooding each year, again taking into account the effects of defences.
• Low: Low risk are areas of the UK which have a 0.1% to 1% chance of yearly flooding.
• Very Low: This risk level is given to those UK areas with less than a 0.1% chance of flooding each year.

Additionally, it is always worth noting the type of flooding, whether it be coastal, rivers, surface water, sewers etc.

Flood Insurance Considerations

Insuring a property in a flood zone can be more expensive and challenging. The good news is that the Flood Re³ scheme, introduced by the government and insurance industry, makes it easier and more affordable to insure properties built before 2009 against flood damage. However, homes constructed after 2009 are not eligible for the scheme, so it’s vital to explore your options and get quotes from multiple insurers.

Protecting Your Home

If you decide to buy a property in a flood-prone area, it’s essential to take proactive steps to mitigate risk. Installing flood defences such as barriers, airbrick covers, and non-return valves on drains can significantly reduce the impact of flooding. Raising electrical sockets and keeping valuable items on higher floors are also practical measures. Some homeowners may even qualify for grants or local authority assistance to install flood prevention measures.

Seeking Expert Advice

When purchasing a property in a flood zone, enlisting the help of experts can make a big difference. A qualified surveyor can assess the risk and provide recommendations for flood protection. Solicitors experienced in property transactions should also be consulted to review flood-related issues during the conveyancing process. They can confirm whether the property is located in a flood risk area and outline your responsibilities as a homeowner.

Weighing the Pros and Cons

Buying a home in a flood risk area doesn’t have to be a source of constant worry. Many UK homes in flood zones remain safe and dry thanks to effective flood management strategies. However, it’s crucial to weigh the potential risks against the benefits and ensure you’re prepared for any eventuality. By doing your research, taking precautions, and consulting professionals, you can make an informed decision and enjoy your new home with confidence.

Sources

1. Environment Agency (2025) Flooding in England: A National Assessment of Flood Risk. Available at: https://assets.publishing.service.gov.uk/media/5a7ba398ed915d4147621ad6/geho0609bqds-e-e.pdf [Accessed 15th Jan 2025]
2. Property Rescue (2025) Selling A House In A Flood Zone. Available at: https://propertyrescue.co.uk/useful-guides-articles/selling-a-house-in-a-flood-zone/ [Accessed 15^th January 2025]
3. Flood Re (2025) What is Flood Re?. Available at: https://www.floodre.co.uk/ [Accessed 15^th Jan 2025]
   
   For more information go to https://thefinancehouse.co.uk/mortgages-independent-free-mortgage-broker/

All the information in this article is correct as of the publish date 30^th January 2025. The opinions expressed in this publication are those of the authors. The information provided in this article, including text, graphics and images does not, and is not intended to, substitute advice; instead, all information, content, and materials available in this article are for general informational purposes only. Information in this article may not constitute the most up-to-date legal or other information.

Please be aware that by clicking on to any of the above links you are leaving our website. Please note that neither we nor HL Partnership Limited are responsible for the accuracy of the information contained within the linked site(s) accessible from this page.