Banks throw flood victims a life ring

Published: 20/02/2014

The six largest banking groups in the UK have pledged to help home and business owners affected by the recent floods.

With the weather showing signs of subsiding, residential and commercial property owners are now left to deal with the devastating aftermath of the floods which have been the worst on record for 250 years. The damage is estimated to cost hundreds of millions.

However the country’s high street lenders have offered a financial life line to those worse affected including mortgage repayment holidays, fee-free overdraft and loan facilities and even alternative accommodation.

Royal Bank of Scotland and NatWest

  • Three-month repayment holiday.


  • Helpline for borrowers (0845 601 1184) who need help with mortgage repayments, wish to have a temporary overdraft or increase an existing overdraft.


  • Three-month repayment holiday
  • Waive or reduce fees on loans and overdrafts
  • Identifying and warning homeowners of ‘at-risk’ properties using mapping technology.


  • Three-month repayment holiday or will convert to an interest-only loan
  • Waive fees on overdraft extensions.


  • Up to six-month repayment holiday
  • Offering an emergency overdraft to personal customers.

Lloyds Banking Group

  • Three-month repayment holiday or will convert to an interest-only loan
  • Waive fees on overdraft extensions.
  • Offering alternative accommodation for personal customers.

This latest wave of flooding is also food for thought for many prospective homebuyers and at Goldsmith Williams we can satisfy that hunger as Head of Property, Lynne McCaffrey explains:

“Unlike many conveyancers, we automatically run an environmental search on your property. If we discover the property is within the vicinity of a floodplain, we’ll then order a flood risk report. We’ll supply you with a copy for you to then send on to your insurer.

“While this doesn’t eliminate the risk of flood at least you are fully aware of the situation before committing to buy as well as confident you can adequately insure the property.

“We do this, along with all other required searches, at no extra cost to you. Other conveyancers will charge you on a search-by-search basis – this means the original ‘cheap’ quote you received ends up a shadow of its former self! Our all-inclusive search fee means you know what you’re paying from the offset.

“It’s a risk on our behalf as it means we probably won’t appear the cheapest at first glance. But we just prefer to be upfront and honest about our charges. After all when you factor in all these other hidden costs, we’re up there competing with the best of them!”

Click here for you free online quote for our conveyancing services including all search costs and other disbursements.

Content correct at time of publication

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