Can you get a mortgage for a house with a flat roof?
Answered on 19 September 2024 by Nicholas Mendes
I am interested in buying an architect designed house that is three years old. It has a series of flat roofs. The survey tells me the covering is felt with a 10-15 year life. My concern is resale. How restrictive is the mortgage market these days for non-standard roofs?
Yes, you can typically get a mortgage for a house with a flat roof. There are other coverings for flat roofs, that can be used instead of felt, which have longer guarantees, and you could look to recover the roof prior to sale.
It may also be that the property's individual design and uniqueness may override concerns over the flat roofs for prospective buyers. There are many lenders who will be perfectly happy to lend on properties such as this, but will in the main be guided by comments from the mortgage valuer. You can find out more about the different types of houses in our guide.
If a flat roof is in poor repair, it is unlikely to stop a prospective buyer from being granted a mortgage on the property, however the surveyor may recommend that monies are held back until the repair work is completed. For this type of repair you may need to raise additional funds, you can find out more information in our funding home improvements guide.
There are some factors to consider:
- Lender's requirements - some lenders may have specific requirements or restrictions regarding the type of roof a property has. They may prefer pitched roofs over flat roofs due to potential maintenance issues or higher risk of leaks. It's essential to check with potential lenders about their policies
- Condition of the roof - lenders may require a thorough inspection of the roof to ensure it's in good condition. Flat roofs can sometimes be more prone to issues such as leaks or drainage problems compared to pitched roofs, so lenders may want assurances that the roof is sound
- Insurance considerations - insurance companies may have their own requirements or considerations regarding flat roofs. Some insurers may charge higher premiums for homes with flat roofs due to perceived risks
- Appraisal - the property's appraisal may consider the type and condition of the roof. If the roof is in poor condition or needs repairs, it could affect the appraisal value of the property and potentially the mortgage approval process
- Maintenance - lenders may inquire about the maintenance plan for the roof, especially if it's a flat roof. Regular maintenance can help prevent issues and prolong the life of the roof, which is important for protecting the lender's investment in the property
Ultimately, while getting a mortgage for a house with a flat roof is generally possible, it's essential to be aware of any specific requirements or considerations that lenders, insurers, or appraisers may have. Working with experienced professionals, such as real estate agents, lenders, and inspectors, can help navigate any potential challenges related to the roof type.
If you would like to discuss your enquiry and look in more detail at your mortgage options, then please submit an enquiry and we'll arrange for you to speak to one of our consultants. Similarly, you can call us on 0330 433 2927.
Ask The Mortgage Experts answers are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them. We recommend you seek professional advice with regard to any of these topics where appropriate.