Flat Roof Mortgage

“We tailor our advice to you and manage everything with the lender from that initial application all the way through to your mortgage offer. Then we work with your solicitors right through to completion.”

Mike Haupt – Mortgage Adviser 

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Flat Roof Mortgage

We explore the process of getting a mortgage on a flat roof property with Mike Haupt.

What do we mean by a flat roof property?

It’s either a property where all or part of the roof is flat. Traditional properties have a pitched roof, while these ones are flat – there is no real obvious pitch to them at all.

Can you get a mortgage for a flat roof property?

Yes, you can get a mortgage on a flat roof property. It technically falls into the category of non-standard construction. You’ll see that we’ve got a couple of other podcasts about non-standard construction that may well be worth a listen. 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. As long as you can say that the roof is in good condition, you should be absolutely fine. There should be plenty of options available.

What is a flat roof extension?

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.

What are the eligibility requirements? What factors may impact my eligibility for a mortgage on a flat roof property?

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.

Do many lenders offer flat roof mortgages?

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 most of the high street banks would all lend as well as other providers that you’ve never heard of. These lenders only deal with intermediaries like myself. They will also accept flat roofs, so you have plenty of options out there.

Does It Cost For An Initial Chat?

Please don’t be afraid to pick up the telephone. Contact us with any questions or any conversations you want to have. There’s no commitment, there’s no silly questions. I’m here to try and help put your mind at ease, so let’s have a conversation and answer your questions.

Can I get a mortgage on a flat roof property with bad credit?

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.

What if I’m a First Time Buyer – can I still get a mortgage on a flat roof property?

Yes – you’ve got lots 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.

Can you get a Buy to Let mortgage on a flat roof property?

Absolutely. 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 no issues with the criteria around the flat roof.

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

What type of survey would I need to have carried out on a flat roof property?

I mentioned valuers’ comments, which links into the survey very nicely. 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.

What are the pros and cons of buying a house with a flat roof?

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.

How do I apply for a mortgage on a flat roof property?

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.

What else do we need to know about getting a mortgage on a property with a flat roof?

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 be approved and we’ve given you the best opportunities.

Your home may be repossessed if you do not keep up with your mortgage repayments.

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