Compare Mortgage Rates from Rooftop Mortgages Against the Market starting at 3.47%

About Rooftop Mortgages' Legacy

Rooftop Mortgages was a prominent player in the UK's specialist lending market prior to the 2008 financial crisis. It was a subsidiary of the US investment bank Bear Stearns.

Rooftop specialised in lending to borrowers with adverse credit (bad credit), self-employed individuals, and Buy-to-Let investors who did not fit high-street criteria. They were known for securitising their loans (packaging them up and selling them to investors).

When the credit crunch hit in 2007/2008 and Bear Stearns collapsed, Rooftop Mortgages ceased all new lending.

What Happened to Rooftop Mortgages Customers?

If you still have a mortgage with Rooftop, you are part of a "closed book."

• "Mortgage Prisoner" Status: Many Rooftop customers are considered "mortgage prisoners." This is because Rooftop does not offer new fixed-rate deals to switch to. Consequently, many customers are stuck on a high Reversionary Rate or Standard Variable Rate (SVR).

• Administration: While your contract is with Rooftop, the people you speak to on the phone likely work for BCM Global, a specialist mortgage administrator based in Ipswich.

• No Further Borrowing: You cannot borrow more money (further advances) from Rooftop.

Pros and Cons (For Existing Customers)

If you are still with Rooftop Mortgages, the situation is generally challenging.

Pros:

• Regulation: Rooftop Mortgages Limited is still authorised and regulated by the Financial Conduct Authority (FCA). This means you still have consumer rights and access to the Financial Ombudsman Service if you are treated unfairly.

Cons:

• High Interest Rates: Because Rooftop does not offer new products, customers are often on variable rates that are significantly higher than the best rates available on the high street.

• Inability to Switch Internally: Unlike a high-street bank that will let you swap to a new fixed rate when your old one ends, Rooftop has no new rates to offer. You are either on their variable rate or you must leave.

• Difficulty Remortgaging: Because the original loans were often "sub-prime" (interest-only or self-certified), many customers find they do not meet the stricter affordability criteria required by modern lenders to move away.

How to Apply (or Leave)

New Customers: You cannot apply. You must seek a different specialist lender (such as Pepper Money, Kensington, or Together) if you have complex credit.

Existing Customers (How to Exit): Your goal should likely be to remortgage away from Rooftop to a cheaper active lender.

1. Check Your Equity: Ensure you have enough equity in your property (value minus mortgage balance).

2. Contact a Specialist Broker: Do not just go to a high-street bank. A specialist broker can check if you qualify for lenders with "modified affordability" rules designed to help mortgage prisoners, or modern bad credit lenders.

3. Check for Fees: Review your redemption statement. Most Rooftop mortgages are now old enough that Early Repayment Charges (ERCs) will have expired, meaning you should be free to leave without a penalty fee.

If you have a mortgage with Rooftop and would like to explore all of your options with an expert, get started here to begin a free, no-obligation chat with a broker who can help.