How to finance your new roof - what are your options?
Financing a new roof is a significant expense particularly if it ends up coming as something of a surprise. If you have been repairing and patching an old roof for a long time, it will eventually reach a point when the repairs don’t last and it will simply become uneconomic to carry on. So what are the finance options to pay for a new roof?
How much will a new roof cost?
An average figure across the UK is £5,500 but the actual cost for your home will depend on certain specific factors which include:-
- The size and complexity of the roof
- The choice of roofing materials
- If you are intending to upgrade and add features like roof lights or dormer windows
- Whether any structural work is required because there is evidence of rot or you need to reinforce the roof to support the weight of a heavier roofing material
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Home Improvement Loan or Further Advance
Some people approach their mortgage lender to seek more funds via a Home Improvement Loan or Further Advance. This requires equity in the property to support the additional borrowing, a good payment track record and an ability to satisfy the lender’s affordability criteria for the higher payments.
If the work is for home improvements then the lender may want evidence that the funds have been used for this purpose.
Sometimes, it can be advantageous to move lender without moving house, bagging a better deal when it comes to interest rates and also using the opportunity to raise money against the equity in the property to undertake home improvement projects.
For middle-aged and elderly homeowners who have paid off their mortgage, Equity Release Schemes offer the chance to release capital on the security of the property to carry out home improvements and to spend on other things.
New Roof Grants
Some people may be eligible for a roofing grant to put towards new roof costs. Usually, these residents would be classified as being in a vulnerable position or at serious risk and the property falls into the category of being below living standards.
The Home Repair Assistance Grant is discretionary and has a cap of £5,000. Applicants will usually need to meet one of the following criteria:-
- Be aged over 18 and claiming one or more of defined benefits including Jobseekers Allowance, Income Support, Working Tax Credits, Housing Benefits or Pension Credit
- Be aged over 18 and have an illness or disability which means the claimant is in receipt of either Long Term Incapacity Benefits, Disability Living Allowance or Attendance Allowance
- Is aged 60 or over
Finance options from your roofing contractor
In much the same way that you obtain finance to buy a new or used car or to spread the cost of a new three-piece suite, some roofing contractors will also offer finance to help spread the cost of paying for a new roof. Roofing contractors often have finance partners and can offer funding subject to status.
- Applicants must be at least 18 years of age
- A deposit of 50% of the total roof cost could allow you the luxury of paying off the balance over 24 months with a zero-interest charge
- Or for a lower deposit, the balance of the funds could be repaid with interest bearing finance over a set term usually anywhere from 12 months to 5 years
- Credit is subject to status
Lowering the cost of replacing your roof
There are some things you can do to lower the cost of a new roof if you find you are over budget or want to minimise the amount you are repaying on finance. These include:-
- Choose a cheaper roofing material or try and find one that is on sale or special offer - as you will see from looking at slate roof costs for example, this is a particularly expensive roofing material, so it could be worth choosing a cheaper option.
- Book your roofing works at a time when contractors are quieter so towards the end of the summer or in early spring – sometimes this can help lower the price although there are risks with working during the ‘closed season’ but if you get lucky with the weather then it can be worth it
- Make sure your contractors know that you are looking at other estimates – if they think they have to compete for the business and it is a quiet time of year then the quote is bound to be more competitive
- Be honest and give them your budget or the figure you want to work to, you’d be surprised how many companies will try and help you out and find ways to come in on or under budget
The good news is that despite the cost, a new roof will increase both the value and marketability of your home and bring a return on your investment of around 60%. A smart new roof will improve the style and aesthetics of your property and offer the complete reassurance that the house is watertight and weatherproof for many years to come, saving you unpleasant expenses such as roof leak repair costs.
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1. Tell us some details of exising roof
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