Getting a Mortgage on a Home with a Flat Roof
Flat roofs are common yet often considered a mortgage risk due to the potential for flooding and water damage. Read on to explore how to find the best possible mortgage for a flat-roofed property and ways to showcase the value of your home to your selected lender.
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Based on your yearly income,
you may be able to borrow
Most lenders will let you borrow 4.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.
Depending on your personal circumstances, some lenders may let you borrow 5 times your salary.
Lenders usually cap the amount they lend at 5.5 times your salary, so it’s unlikely you’ll be able to borrow more than this.
Getting a Mortgage on a Home with a Flat Roof
The majority of UK homes have a pitched roof. However, some houses have a flat roof or this type of construction on some of the property.
Revolution Brokers helps many clients who have been rejected for mortgage lending on the basis that the property is 'non-standard', and so have compiled this guide to explain what factors will make a difference in your likelihood of getting a mortgage on a property with a flat roof.
If you are in this position or would like to see what rates we could secure for your flat roof mortgage, give us a call on 0330 304 3040 or email the team at [email protected].
Why is it More Difficult to Mortgage a Flat Roof Property?
Flat roofs are considered non-standard construction, so there are fewer lenders who will offer a mortgage against this type of property.
The key is to find a lender whose eligibility criteria you meet as closely as possible and to work with an independent broker who can negotiate the terms on your behalf.
Lenders consider a flat roof a higher risk since the maintenance costs might be higher, and it could impact the resale value of the property:
- Flat roofs don't generally last as long as pitched roofs and can cost more to repair.
- There is a more significant potential of damage from leaks, and moss.
- Drainage issues can occur when water accumulates on a flat roof.
- Insulation is lessened, and heat is more easily absorbed in the summer.
- A flat roof is a risk factor when it comes to exposure to break-ins.
There are a few things you can do to improve your chances of mortgaging a flat roof property:
- Ensure the roof has been maintained and inspected regularly.
- Negotiate the purchase price down in light of expected upkeep costs.
- Ask for reports of work completed.
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Can I Get a Mortgage on Building an Extension with a Flat Roof?
Many extensions are built with a flat roof, and this is easier to mortgage since the main property will usually have a traditional pitched roof.
You may still need to ask for a survey to verify that the flat roof is in good condition and has been adequately maintained.
Which is the Best UK Lender for a Flat Roof Mortgage?
Revolution Brokers can advise on the best lenders to apply to, depending on your circumstances, the type of property you wish to buy, and how much you would like to borrow.
In some cases, a niche lender will offer the most competitive rates. In others, we can negotiate terms such as the deposit required to mitigate the risk so that your chosen lender can accept your application.
What Factors Will a Lender Consider on a Flat Roof Mortgage Application?
Lenders will look at several factors before offering to lend on a non-standard property:
- Your credit file. If you have bad credit and wish to mortgage a non-standard home, a specialist lender is probably the most viable option.
- Loan to Value ratio. Given that lenders perceive non-traditional properties as higher risk, if you can offer a larger deposit to reduce the LTV, you might have more borrowing options to choose between.
- Affordability. Every lender needs to calculate your affordability to ensure you can keep up with the mortgage repayments. This is usually based on a cap of around 4.5 times your annual income, although you can sometimes borrow more depending on your eligibility.
- Employment - if you are not in PAYE employment and are, say, a freelancer or a contractor, again a high street bank might not be able to lend with multiple higher risk factors.
- Age. Some mainstream lenders cap mortgages at age 75 or 85, although there are always specialist lenders out there with far more flexible terms.
Professional Support with Mortgaging a Flat Roof Property
Non-standard properties are more common than you might imagine, and the business finance broker team has years of experience in negotiating competitive mortgages with niche lenders.
If you are considering a flat roof mortgage, have been turned down elsewhere, or need specialist lending, get in touch at 0330 304 3040, or email us at [email protected].
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As specialist mortgage brokers for a huge variety of applicants, the whole-of-market consultants at Revolution provide access to an exceptional range of lenders, products and mortgage deals. That means you get the advantage of professional negotiation and broker-exclusives through an established lending network to ensure we always find you the most competitive mortgage available.
The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.
We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.