UK’s Second Biggest Mortgage Lender Pulls Offers Over Flood Risk

The UK’s second biggest mortgage provider has stopped making loans on homes at risk of flooding, over fears they may become uninsurable — and therefore, unsellable — over the coming years.

Nationwide Building Society uses mapping technology to identify which individual homes are vulnerable to flooding, Nationwide Head of Property Risk Rob Stevens said in an interview. The company will decline to make a loan to purchase a property it deems to be at high risk.