Financing Your New Roof: Options for Scottish Homeowners

Why Paying For A Roof Is Different

A new kitchen can wait until you have saved for it. A failing roof often cannot. Once water is getting in, every winter adds to the damage to the timbers, the insulation and the ceilings below, and the bill grows.

That is why a roof is one of the home improvements most often paid for over time. It is a large, one-off cost that few households have sitting ready, and putting it off usually costs more than the interest on borrowing.

This guide sets out the ways Scottish homeowners usually pay, with the good and bad points of each. We are roofers, not financial advisers, so treat it as general information. For advice on your own circumstances, speak to an independent adviser or a free service such as MoneyHelper.

Start With The Real Number

You cannot choose how to pay until you know what you are paying for. Most full re-roofs we price land between £7,500 and £18,000 fully fitted, including scaffolding, with larger detached homes and natural slate going higher. Our post on the cost of a new roof in Glasgow breaks that down by house type and covering.

Before thinking about finance, check two things:

• Do you need the whole roof? If the problem is local, a roof repair may buy you years. A survey with photographs will tell you.
• Is the roof shared? In a tenement or a four-in-a-block, the roof is normally a shared responsibility and the cost is split between the owners, usually as set out in the title deeds. Your share may be far smaller than the full bill.

The covering you choose matters too. Concrete tile costs less than natural slate, and a small flat roof costs far less than a full pitched roof.

Savings And Insurance

Savings are the cheapest way to pay, because there is no interest. The only caution is not to empty your emergency fund completely. Some people pay part from savings and spread the rest.

Home insurance is worth a phone call, but be realistic. Buildings policies generally cover sudden damage, such as a storm stripping slates off a sound roof. They do not normally cover a roof that has simply worn out with age. If you have had storm damage:

• take photographs straight away, from the ground;
• call your insurer before any permanent work is done;
• get the roof made safe and watertight, and keep the receipts.

Every policy is different, so check your own wording or ask your insurer.

Borrowing From Your Bank Or Mortgage Lender

There are two common routes if you arrange the money yourself.

Adding to your mortgage. Some lenders will lend you more on your existing mortgage, or you may be able to remortgage for a higher amount. The rate is often lower than other borrowing, but the debt is secured on your home and spread over many years, so the total interest can be high. It also takes time to arrange, which does not suit an urgent roof.

A personal loan. A loan from a bank, building society or credit union is not secured on your home. It is quicker to arrange, and the rate you get depends on your credit record.

Whichever you look at, compare the total amount you will repay, not just the monthly figure, and check whether you can pay it off early.

Finance Arranged With Your Roof Quote

The other route is to arrange finance through the company fitting the roof. It is simple, because the quote and the payment plan are sorted at the same visit.

To be clear about our role: Ultimate Home Solutions is a credit broker, not a lender. We are authorised and regulated by the Financial Conduct Authority for consumer credit activities, and the credit itself is provided by a panel of approved lenders. All finance is subject to status, application and affordability.

New roof finance starts from £22 a week, subject to status. The options set out on our finance page are:

• Buy now, pay later. Get the roof done now and start paying later, then spread the balance over a term that suits you.
• Monthly payments. Spread the cost with manageable monthly payments over a term that fits your budget.
• Longer flexible credit. For larger projects, payments can be spread over up to 10 years.

Various deposit options are available. The finance page also has a calculator where you enter the price of your project, add a deposit if you want to and pick a term. It shows the monthly figure, the total repayable and what regular overpayments would save you. Those figures are illustrative, and the rate you are offered depends on a full credit assessment.

How Applying Works

There are three steps.

1. Get your quote. Book a free visit. A surveyor inspects the roof and you receive a clear quote with no obligation.
2. Choose your plan. At the survey, pick the option that suits you, whether that is buy now, pay later or monthly payments.
3. Soft check, instant decision. We run a soft credit check first, which has no impact on your credit score, and you get an instant decision. Then the job is booked in.

The full representative example, including the APR, the term and the total amount payable, is given to you with your quotation. Ask your surveyor for it and read it before you commit to any agreement. We have deliberately not quoted rates in this article, because the rate depends on your own circumstances and the plan you choose.

Are There Grants For A New Roof?

People often ask, and the honest answer is that help with the cost of a standard re-roof is limited. Two things are still worth checking:

• Your council. Scottish councils run a scheme of assistance for private homeowners. In most areas this means advice and practical help with organising repairs, especially shared repairs, rather than cash, but it varies, so ask your own council what it offers.
• Home Energy Scotland. This is the Scottish Government's free advice service. It does not fund roof coverings, but it can tell you whether any support is currently available for insulation, which is relevant because a re-roof is the ideal time to top up the loft.

Schemes change often, so check what is open now rather than relying on an old article, including this one.

Questions To Ask Before You Sign Any Credit Agreement

These apply to any lender or broker, including us.

• What is the total amount I will repay, and how does that compare with the cash price?
• What is the APR, and is it the rate I will get or only a headline rate?
• How long is the term, and what is the payment each month?
• Can I overpay or settle early, and is there any charge for doing so?
• Is the borrowing secured on my home?
• What happens if I miss a payment?
• Who is the lender, and is the firm I am dealing with authorised by the Financial Conduct Authority? You can check on the FCA Register.

Only borrow what you can comfortably afford to repay. If money is already tight, talk to a free debt advice service before taking on more credit.

When you are ready for a price, our new roofs page explains what is included in a full re-roof, which takes up to 14 working days, weather permitting. All workmanship is guaranteed. You are also welcome to talk it through at one of our showrooms.

Quick Answers

Can I pay for a new roof monthly?

Yes. Finance is available from £22 a week, subject to status, with monthly payment and buy now, pay later options from a panel of approved lenders.

Will checking my eligibility affect my credit score?

No. We run a soft credit check first, which has no impact on your score, and you get an instant decision.

Is Ultimate Home Solutions the lender?

No. We are a credit broker, not a lender. Credit is provided by a panel of approved lenders.

Do I have to pay a deposit?

Various deposit options are available. Your surveyor will explain them with your quote.

Will my home insurance pay for a new roof?

Usually only for sudden damage such as a storm, not for a roof that has worn out. Check your policy or ask your insurer.

Are there grants for roof replacement in Scotland?

Help is limited. Ask your council about its scheme of assistance, and Home Energy Scotland about any current support for insulation.