Good morning all

A warning from the Council of Mortgage Lenders has warned of catastrophic news for many homeowners as their properties will be uninsurable and unmortgageable due to the ongoing flood issues.

Their concerns are so great that they have written to the Department for Environment, Food & Rural Affairs (DEFRA) and advised of the impending critical problems that could affect 200,000 homes in the UK. From June 2013, many properties will have no insurance unless there is an agreement reached between the insurance industry and the government.

The CML has suggested that even if insurance is obtainable it will be at an inflated cost and may affect the ability of people to move in the future, remortgage or sell their properties.

We will update you with any updates when we receive them.

Thanks

Mike