Properties with a flat roof are often classified as ‘non-standard’ types, meaning they are regarded as higher risk by lenders. Flat roofs can be more prone to leaks and require higher maintenance.
However, it is still possible to get a mortgage on a property with a flat roof, particularly with the support and guidance of expert mortgage advisors such as Barlow Irvin.
Can you get a mortgage for a flat roof property?
You can definitely get a mortgage on a flat roof property, though it can be slightly more complex than getting a standard mortgage on a pitched roof.
The potential for leaks combined with higher upkeep and maintenance costs means that your mortgage application is likely to undergo a lot more scrutiny from lenders before it is accepted. As a result, it’s a good idea to discuss your options with an experienced local broker upfront.
Flat Roof Mortgage Advice
What are flat roof mortgages?
Put simply, ‘flat roof mortgages’ are mortgages on properties/houses where a significant portion of the roof is flat as opposed to being slanted or pitched.
Many lenders have certain policies in regard to the proportion of a roof which is flat when considering applications and their risk, whilst others do offer specialised 100% flat roof mortgages too.
A recent inspection, a valid warranty or evidence of a recent roof replacement typically increase your chances of getting an approved application.
What to consider about mortgaging a home with a flat roof
When getting a mortgage on a home with a flat roof, there are a couple of factors that you need to consider:
Lender classification - Understanding what each lender regards as a ‘flat roof’ property is vital. Typically, roofs with over 20-30% flat space fall into this category. Many lenders offer mortgages with larger deposits or higher interest rates.
Insurance costs - The higher risk associated with flat roofs means that insurers will assess materials used and build quality, potentially leading to higher premiums.
Structural requirements - A variety of issues such as blocked drains, pooling water, degradation, damp and rot are all more common with flat roofs. As a result, you may need to locate valid warranties and building regulation certificates before securing a loan.
Future resale value - It’s important to consider the long term. Many buyers aren’t interested in flat roofs, so if you ever come to sell the property, you may find it more difficult.
Should you buy a house with a flat roof?
It is perfectly okay to buy a house with a flat roof and, assuming you’re aware of the risks and difficulties that may come with it, there’s no real reason to avoid it.
However, if your dream house is classed as a ‘flat roof’ house, we’d recommend seeking support from the experts first. Get in touch today for more support.
Flat Roof Mortgage Specialists
As an FCA approved, whole-of-market broker, Barlow Irvin is able to compare products from a range of lenders, including specialist lenders, helping you find the best possible mortgage.