Updated: February 24, 2022

Getting a Mortgage On a Flat Roof Property

Looking for a mortgage for a property with a flat roof? There are now plenty of lenders! Find out what you need and how to get one in our in-depth guide!

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Pete Mugleston

Author: Pete Mugleston - Mortgage Expert

Updated: February 24, 2022

Buying a property with distinctive features can sometimes mean setting up an equally unique mortgage. This is why if you’re looking to arrange a mortgage for a home with a flat roof, it involves a different approach to a house with a standard ‘pitched’ roof.

This guide will cover everything you need to know about getting a mortgage on a property with a flat roof; including what obstacles you might come across with extensions, and where you can get help finding a loan for this type of property.

Can you get a mortgage for flat roof property?

Yes. You can get a mortgage for a property with a flat roof, but it can be harder to secure compared to a loan for a home with a standard roof. Fewer mortgage lenders offer loans because the construction is viewed as higher risk.

Part of the reason lenders deem these properties as riskier is because they fall under the category of ‘non-standard construction’. One of the most worrisome factors for lenders is that non-standard properties can be difficult to resell. This makes it harder for them to consider a flat roof property as a reliable security if they had to repossess it.

Sometimes lenders won’t even offer mortgages for these properties, whereas others might charge higher rates to offset the risk. However, it is still possible to find a competitive mortgage for a flat roof property, if you know where to look.

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What you need to consider about homes with flat roofs

An important definition some lenders use is whether or not the majority of the roof is flat. In most cases ‘majority’ refers to anything over 50%. Your property may only have a partially flat roof, perhaps from a home extension. But you need to be aware that some lenders have limits on how much of the total roof area on a property can be flat.

So, your ability to get a mortgage will be very specific to the size of the roof and the lender you’re dealing with. Using a broker who specialises in this type of property means they can help you organise assessing the roof (and any extensions) to point out what suitable lenders will and won’t accept.

Another big factor that comes into play with flat roof properties is the insurance. The construction means that you may also need appropriate home insurance to satisfy any potential lenders.

The risks involved

Flat roofs are considered to have different risks associated with them compared to a standard roof. This extra risk factor can lead to some added obstacles when trying to obtain a mortgage. As mentioned earlier, specialist insurance is one element that can play a decisive role in your ability to get a mortgage.

Here are some of the common concerns relating to properties with a flat roof that lenders and insurers share:

  • Potentially higher repair and maintenance costs
  • Flat roofs can move and bend over time
  • Reduced life expectancy of the materials compared to a pitched roof
  • Drain blocking is easier, which can lead to moisture problems
  • Water pooling can result in damp walls, leaks, or moss growth
  • The roofs can be less effective for insulation
  • Heat attraction can warp and damage the roof
  • Less effective for deterring criminals which can impact home insurance costs

If you’re buying a property, you can use this information to your advantage when negotiating. But if you are planning on getting a mortgage for a property with a flat roof (even if it’s just partial or part of an extension), make sure you check there’s no existing issues and that regular inspections have taken place.

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

Because a mortgage involving a whole or partial flat roof can be difficult to find, an expert broker is going to be your best way of being introduced to the most suitable lenders. Not only will they know exactly which lenders to speak to, but they’ll also identify the ones with the best rates, saving you a lot of time and legwork.

The slightly complex nature of applying for a mortgage on these properties can be a bit of a headache. You may need extra insurance, additional documentation, or approval from local valuers to proceed. Using an experienced broker that knows the ins and outs of the process is going to mean they can walk you through the whole application from beginning to end. They will even make sure you have the right insurance policy for this property type.

Failing to make use of a specialist broker is going to lead to a longer process. And even after all the extra effort, you could end up with a more expensive interest rate. The brokers we work with have plenty of experience with mortgages for flat roof homes. So, just make an enquiry and we can introduce you for free.

Eligibility requirements

You may find some of the conditions and requirements stricter than they are with a standard roof home. So, it’s really important that the quality of your application leaves no stone unturned. Here are some of the key areas that will directly impact your chances of success:

  • Deposit – saving for a larger deposit is going to lower your loan-to-value amount (LTV). Because flat roofs are deemed higher risk, a deposit of at least 25% will increase the likelihood that one of the limited lenders available will accept you for a loan.
  • Credit history – this is a vital step that’s often overlooked. If you download all your credit reports and get your broker to go through them, they’re going to be able to help you identify problems and make adjustments. Doing this could mean the difference between acceptance or rejection for a mortgage on this type of property.
  • Earnings – your income is another crucial area that lenders will want to dive into. It’s really important that you have acceptable earnings, and that you’re able to provide proof of that income. Most lenders will only offer a mortgage equal to 4.5x your income, but there are some out there who will offer up to 6x. The extra maintenance upkeep for these roofs is also something that may factor into your affordability assessment.
  • Source of income – where your salary comes from can also impact a lender’s decision. If you’re self-employed, this may further limit your options. But don’t fret, we work with specialist brokers who can tell you exactly which lenders are more likely to consider ‘non-standard’ income.

Even if you’ve previously been rejected for a mortgage on a property with a full or partial flat roof, don’t panic, the brokers we work with help people who’ve been declined bounce back quickly, whether that’s by helping them renegotiate with their current lender or find a new one.

Getting matched with a non-standard construction specialist

Getting a mortgage for a property with a full or partial flat roof isn’t easy, but it’s not impossible. Our unique broker-matching service means we will pair you with an expert broker who has experience securing loans for this type of property.

The brokers we work with will be able to introduce you to the right lenders from day one. They’ll also be able to provide a tailored service. This involves guiding you through the whole process and pairing you up with the lenders offering the best mortgage rates for your personal circumstances.

All you need to do is call 0808 189 0463 or make an enquiry and we’ll set up a free, no-obligation chat between you and a skilled broker today.

FAQs

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

Yes! The options will be more limited, but speaking to a broker with plenty of experience means they can introduce you to lenders who specialise in bad credit mortgages.

What about if I’m a first-time buyer?

You can get a mortgage for a flat roof property as a first-time buyer. However, there might be a limited number of options available. Speaking to a broker who’s an expert in non-standard construction will show you the full range of choices available. And therefore increase your chances of getting the best rate.

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We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different Property Types. Ask us a question and we'll get the best expert to help.

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Pete Mugleston

Pete Mugleston

Mortgage Expert

About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

FCA Disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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