Will a Defective Roof Kill My Mortgage Application?

Buying a property is a big step for anyone. But with that big step comes a whole range of potential issues. One of the biggest is your mortgage application itself. Lenders can decline your mortgage for a variety of reasons – but is the roof one of them? Read on as we look at how seriously a defective roof can impact your mortgage application.

Why lenders decline mortgages

When providing a mortgage, banks and building societies are lending you money to buy a property. Most importantly, this loan is secured against that property. Essentially, that’s why they want to ensure the property is up to scratch before lending you the money.

To check this, lenders complete their own valuation of the property you’re looking to buy, which includes checking the value of similar properties. They will only lend money to you based on the value of the property, so your application could fail if the property has been overvalued.

Problems with the property

As well as just general overvaluation, properties can face problems when they are in a poor or even uninhabitable condition. Homes in a high-risk area for flooding, for instance, may be avoided by lenders.

The same is the case for properties with a defective roof, especially if you’re only putting down a small deposit. Without a suitable, strong roof to protect it from the elements, the property could incur serious damage.

What you can do?

It’s up to your lender what you can do next. They might reject the application altogether until the roof is fixed, in which case you and the seller would need to arrange to have it fixed as soon as possible. Alternatively, the lender might agree to proceed with a lower valuation. In that case, you can buy the property, but will need to have the roof fixed yourself as soon as you can.

If you’re in need of urgent roof repairs in Huddersfield, DPR can provide an effective, long-lasting solution. Our team of experts also provides high-quality roof replacements. With over 35 years’ experience, you can rest assured your property’s roof is in good hands.