Flat Roof Mortgage

Yes, it is often possible to a mortgage on a flat roof property. It technically falls into the category of non-standard construction. It can be a little restrictive, but a lot of lenders will still look to lend.

You shouldn’t really face too many challenges as long as that flat roof is in good condition and you’ve got all the appropriate paperwork for it. The issues would come from poor condition or insulation. There can be higher maintenance costs and sometimes water pooling can happen on a flat roof, as you don’t have that pitch to allow the water to run away.

Pooling of water can lead to damage. There may also be issues with insulation. That needs to be taken into consideration. But the lender’s valuer will be having a look at those kinds of things. There are often plenty of options available.

Simply put, it is an extension built onto a house that just has a flat roof on it. We’ve all seen it on Grand Designs in terms of what can be done with lighting – you get some amazing options with flat roof properties.

It’s where you are building an extension onto your house and choosing to have that extension with a flat roof rather than a pitched roof like the rest of the house.

One of the big eligibility criteria is the percentage of flat roof. Some lenders will put in some restrictions around that. They might set a 40% limit on flat roofing – so basically only 40% of the property’s roof space can be flat.

Other lenders don’t have any restrictions – so it’s just one thing to consider. Other than that it’s much down to the normal eligibility criteria. That means affordability, credit scoring, deposit – that side of things.

Like everything to do with non standard construction properties, it is always down to valuer comments. The lender will make a decision once the valuer has visited the property.

But many of the high street banks would have options as well as other providers that you’ve never heard of. These lenders only deal with intermediaries like myself. They often accept flat roofs, so there can be plenty of options out there.

It will be very much around what that bad credit is – is it bankruptcies, IVA, CCJs or defaults? We will want to get a really good understanding around that. Then we look at what that lender criteria is. Would a more specialist bad credit lender still have as broad a property criteria as Halifax or HSBC?

It would involve looking at your individual circumstances and then doing the research to find out what the options are for you.

Yes – there are often a number of options as a First Time Buyer. We’d just go through the non-standard construction side to make sure you’re aware of the pros and the cons of that and you’re comfortable with it, as your first property.

Then we will guide you through the process – the application, offer, completion and we will work with you all the way through.

Yes, it’s possible. It’s just about that research and making sure we’ve gone through the lender options. We will find the most appropriate option for you where there are often no issues with the criteria around the flat roof.

You should be absolutely fine. There should be no real restrictions there.

There are three main types of surveys you can have done.

There’s the mortgage survey which is the bare minimum – the lender would just go to the property and confirm that it’s standing and what it’s worth. That survey is designed for the mortgage lender themselves, to satisfy their criteria.

You’ve then got the level two survey, which is much more in depth. A level 3 survey is a full structural survey.

With surveys it’s very much a personal choice. I would always advise you that it’s well worth spending the money on a good survey. It will help you go in with your eyes fully open in terms of what you’re buying. It’s something we discuss individually with you.

The downside is that you’ve got slightly more challenges with finding a mortgage – I’ve mentioned the percentage of roof space and the condition of the roof and poor insulation.

There may be higher costs, pooling and the potential to leak. There are those elements of buying a flat roof property that we just need to consider.

On the other hand this can be a very cost effective way to build and you can get some fantastic designs. It’s all about weighing things up around the property you’ve found and what’s right for you. Just do your research and make sure you’re really comfortable with what you’re buying.

The actual application process is no different, beyond that initial research part to find the right mortgage for you. My job here would be to understand what the best options are. Then, when we go to apply for that mortgage, you’re very comfortable – you know you’re going to get that mortgage because we’ve fully researched it with a lender.

It’s about getting prepared early on. If you are looking to buy a property with a flat roof, pick up the phone to me early on and let’s have a conversation. Let me go and do the research in terms of what we need to take into consideration for that property.

When you do apply for the mortgage we’ll both be really comfortable that it will hopefully be approved and we’ve given you the best opportunities.