Mortgages For Flat Roof Properties

If you’re buying a house with a flat roof, you may find it more challenging to secure a mortgage. Flat roof properties are deemed ‘non-standard’, so getting a mortgage for one can be difficult, but not impossible.

This guide will tell you everything you need to know about securing a mortgage on a flat-roof property and how a broker can help identify the right lenders who can help, giving you the best possible chance of getting the funding you need.

Can you get a mortgage on a house with a flat roof?

You can, but your options may be limited because this property type falls outside the ‘standard’ definition. Not all lenders offer mortgages on flat roof properties and those that may impose tougher eligibility criteria or higher interest rates, so it’s vital to get advice from a specialist broker who can guide you through the process.

Why is a flat roof a problem for a mortgage?

Lenders don’t like flat roof properties because they fall under the ‘non-standard construction’ bracket. Unlike standard homes, built from brick with a tiled, pitched roof, flat roof properties are a little different and, therefore, deemed risky by lenders.

Potential flat roof house problems can include:

• Poor insulation
• Higher maintenance costs
• Water pooling
• Debris
• Higher potential for leaks
• Limited life expectancy of flat roof coverings

These issues can impact the property’s ongoing saleability and, therefore, its value, not to mention the additional insurance implications, which is why some lenders are reluctant to offer mortgages.

If you’re considering buying a house with a flat roof, you’ll need to keep up with the maintenance, which can be costly. Make sure the roof has been regularly and thoroughly inspected before you buy to ensure there aren’t any existing issues.

How a broker can help you get a mortgage for this type of property

A broker can help in this situation in one key way. They’ll know the lenders who will be the most receptive to flat roof properties, making all the difference in your mortgage search.

You won’t need to ask each lender individually, but can instead rely on your broker’s knowledge, saving you time and potentially money as well. They’ll work with you throughout the process and know what you’ll need to do to stand the best chance of being approved, whether fixing a leak or getting insurance in place. They can also help ensure you get the best rate possible.

If you contact us, we can arrange for a broker we work with to contact you and discuss your requirements further.

Can you get a mortgage for a flat roof extension?

Yes. This can be easier than if the property is completely flat-roofed, largely because some lenders limit the amount of the roof that can be flat.

Most won’t offer a mortgage if the roof is 100% flat, but extensions are different. They may only account for 10%, 20%, or 30% of the roof area, which also puts them well below the 50% figure that lenders tend to be a bit wary of (anything above 50% is classed as a majority flat roof, which is where you may find things get a little trickier).

Which lenders offer mortgages for this type of property?

While some lenders will offer mortgages, most will have a stipulation that they won’t be able to lend if the property is 100% flat-roofed. Others may only lend if the roof is clad with appropriate materials with a suitable guarantee, such as zinc or copper, and they’ll all require a suitable valuation and won’t offer the mortgage without the valuer’s approval.

That said, if you can meet the requirements, you may be able to find a lender to suit, even among high street names, including:

• Nationwide
• Halifax (subject to a satisfactory valuation report from the bank’s appointed valuer)
• HSBC (subject to the valuer’s comments)
• NatWest (provided the roof material is copper, lead, zinc, asphalt or mineralised felt, and that the owner keeps up to date with replacement or maintenance programmes and has suitable insurance in place)

You’ll be able to find suitable mortgages from specialist providers, too, and bear in mind that these will normally be the ones to approach if your property is a 100% flat roof. It can be difficult to know where to start, but a broker specialising in these mortgages can help you find the lender that can accommodate your needs.

What eligibility criteria could be a factor

You may encounter a few stumbling blocks in your application, largely because your options will be more limited as fewer lenders will consider you.

Here are the most pressing things to bear in mind:

• Income and affordability requirements may be stricter to accommodate the additional risk the lender takes.
• Your loan-to-value offer may be lower, and you may be expected to put down a larger deposit, as is often the case with non-standard construction properties.
• Bad credit can further impact the terms you’ll be offered, as it will reduce the number of lenders willing to consider you for a mortgage.

Yet you may also need to jump through a few additional hoops before you are granted a mortgage on a flat-roof property. Having suitable insurance in place will be key, and you’ll be expected to keep up with regular maintenance so the roof doesn’t fall into disrepair. There shouldn’t be any current roof damage, which could impact your mortgage eligibility.

Speak to a broker experienced in mortgages for flat roof properties

Ready to speak to an expert to get your mortgage application off to the best possible start? Having someone on your side who knows the best way to secure a mortgage on a flat-roof property can make all the difference, and we can help you find the broker you need.

We work with brokers who specialise in flat roof homes and similar properties of non-standard construction, and we’ll introduce you to them free of charge. Contact us to see how easy it can be—just call us on 0330 818 7026 or make an enquiry to get started.