Flat Roof Mortgage
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Flat Roof Mortgage
Joe Nicholls explains how the mortgage process works on a flat roof property.
What is a flat roof property?
A flat roof property is a building with a roof that is level or has a pitch of less than 10 degrees. Flat roofs are a popular choice for a variety of buildings, including residential properties, commercial buildings and extensions.
Can you get a mortgage for a flat roof property?
Yes, it’s possible to get a mortgage on a flat roof property, but it can be more challenging than for a property with a standard roof.
Is it difficult to get a mortgage on a flat roof property? What are the potential issues with a flat roof?
Yes, it can be difficult to get a mortgage on a flat roof property because lenders consider non-standard construction to be higher risk.
Some of the potential issues include fewer lenders, who may charge higher interest rates to offset the risk. Lenders may require a larger deposit and may have stricter income and affordability requirements. They may also ask for extra building inspections and documentation.
What is a flat roof extension?
A flat roof extension is a horizontal addition to a home that’s built instead of an angled pitch roof. Flat roof extensions have become more popular due to improvements in building materials, costs and time efficiency.
What are the eligibility requirements? What factors may impact my eligibility for a mortgage on a flat roof property?
The larger the flat roof area, the more stringent the criteria might be. As with all mortgages, the Loan to Value ratio will be crucial.
A lower Loan to Value – meaning a large deposit – may alleviate some of the lender’s concerns about the flat roof, as the risk they’re taking on is reduced.
Can I get a mortgage on a flat roof property with bad credit?
Yes, you can get a mortgage on a flat roof property with bad credit, but the options will be more limited. Lenders may be more cautious when lending to applicants with bad credit for a property with a flat roof.
What if I’m a First Time Buyer? Can I still get a mortgage on a flat roof property?
Yes, First Time Buyers can get a mortgage on a flat roof property, but the process can be more complicated than a standard roof house.
Can you get a Buy to Let mortgage on a flat roof property?
Yes, you can get a Buy to Let mortgage on a flat roof property, but again it can be more difficult than getting a mortgage for a standard property.
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What type of survey would I need to have carried out on a flat roof property?
If you’re buying a flat roof property, you should get a professional survey to assess the condition of the roof and identify any potential problems.
The types of survey include a Home Buyer survey, which is a level two survey, or a Building Survey, which is a level three home survey. These surveys can help uncover serious issues.
A Full Building Survey is the best choice for flat roof property because it examines the construction of the roof and the integrity of the extended property. A flat roof survey typically includes inspecting the roofing membrane, insulation, drainage systems, flashings and structural elements, and using specialised tools and equipment to assess the roof.
What are the pros and cons of buying a house with a flat roof?
A house with a flat roof both has both advantages and disadvantages. Advantages include cost, as flat roofs are less expensive to install than pitched roofs.
Flat roofs can maximise internal space and often have a modern aesthetic with clean, straight lines. Flat roofs can be extended to create a terrace which can add value to the home.
The disadvantages can include drainage, as flat roofs can puddle and leak if drainage is poor. Water can pool on the roof and seep into the structure.
Flat roofs also require more regular maintenance than pitched roofs. They need to be checked at least once a year. They can also have a shorter lifespan than pitched roofs – but with proper care and high quality materials they can last several decades.
Home insurance premiums on properties with flat roofs may also be higher, due to the associated risks.
How do I apply for a mortgage on a flat roof property? What is the process?
An experienced broker can help you find the right lender and ensure you have the correct insurance. The broker can then apply for the mortgage on your behalf and work to satisfy the lender’s requirements to get you accepted.
How else can a mortgage broker help? Have you got anything else to add?
While buying a flat roof property can present some challenges, a good mortgage broker can significantly increase your chances of securing a mortgage and finding the best deal.
Our expertise and connections within the market can be invaluable in navigating the complexities of this type of property purchase.
Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.
There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but will range from £99 to £549, and this will be discussed and agreed with you at the earliest opportunity.
Asset Harbour Mortgage & Protection Ltd trading as Asset Harbour Mortgage & Protection are an appointed representative of HL Partnership Limited which is authorised and regulated by the Financial Conduct Authority.
