Single Person Mortgages Explained
Getting a mortgage as a sole applicant can be more challenging than a joint mortgage. We have helped thousands of customers maximise their affordability and find creative ways to own a property on their own. Whatever your situation, our 15 experts are ready to help. We are confident we can get your mortgage approved and find you the best deal. If we cannot and another broker does, we will give you £100.*
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Author: Pete Mugleston
CeMAP Mortgage Advisor, MD
Reviewed by: Luke Naylor
FTB and Bad Credit Specialist
Quick Summary
Single applicants can absolutely get a mortgage. As with any application, lenders will look at your income, credit history, and overall affordability – if this stacks up, then you’re all good!
That said, sometimes people need (or want) others on the mortgage, for a couple of reasons:
- You might be worried, or have been told, you won’t be able to afford the mortgage alone. Just note here that every lender has different levels of generosity – many cap lending to 4 or 5 times your annual income, but some will offer up to 7 times! Check with one of our team to get certainty on what you can afford.
- You are worried you won’t get approved because of your credit history. If you are looking to add others to the mortgage to avoid your credit history being looked at, or to improve your chances, this isn’t something you can get away with. Every lender will check your credit, and if you have issues, then the addition of someone else doesn’t usually help. The good news, though, there are plenty of lenders out there that can consider the full range of credit issues, from late payments to bankruptcy, so don’t be put off – get in touch and one of our bad credit specialists experts can give you some certainty over what you’d qualify for before you start.
There are other reasons single applicants go online to look for help, and usually, if not the above, it’s to find out about Government schemes like First Homes and Shared Ownership, to help with smaller deposits – both great options, but also there’s some lenders offering 95% or even 100% mortgages right now. Reach out for advice!
Just like joint applicants, a single person can get a mortgage, whether you’re a first-time buyer, undergoing a separation, or if your partner has a bad credit history. You’ll need to meet the lender’s affordability criteria, but getting a mortgage on your own is more than possible.
Yes, of course. The same principles apply to remortgaging as a single person as to getting a mortgage. As long as you tick all the boxes on a lender’s eligibility criteria, you can secure the new deal you want.
It’s also quite common for couples divorcing or separating to find they want to remove one person from the mortgage, so if this is you, you’ll be reassured to know that it’s possible to remortgage on your own. However, there are a couple of things to consider.
First, you’ll typically need legal advice, as transferring a joint mortgage and remortgaging to a solo mortgage will involve a legal process known as a transfer of equity. There may be admin and legal fees as part of this, possibly a valuation and even stamp duty to pay depending on the house’s value.
The other consideration is affordability. It’s quite a jump from being in a couple to being solely responsible for a mortgage, and approval isn’t automatic. Whether you decide to stick with your current lender or apply to a new one, they will want to look in detail at your salary and other financial commitments to ensure you can afford your monthly repayments.
If you find yourself in this situation, speaking to a broker is a good idea. They can advise you on your options and help you find a deal that suits your circumstances.
Yes, you can either ask your current lender to add someone new to your existing mortgage or, depending on whether early repayment charges might apply, you might decide to remortgage and get a new loan in your joint name. In both cases, the new person will be subject to affordability and credit checks.
Yes, it’s possible. The main difference will be in the documentary evidence you’ll need to prove your earnings (typically 2-3 years certified accounts and/or your latest SA302 tax overview statement).
If you’d like to know more, read our dedicated article on getting a mortgage if you’re self-employed.
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How to get a mortgage as a single person
Your first step should be speaking to a broker specialising in solo-applicant mortgages. If you make an enquiry with us, we will match you with an advisor who fits these credentials for free.
Your handpicked mortgage broker will guide you through the following steps to full application:
- Getting all of the right documents ready. Evidence such as payslips or certified accounts (if you’re self-employed) will be needed to prove your income, along with your latest bank statements.
- Downloading your credit reports and optimising them. Your broker can help you remove any inaccuracies or outdated information so this doesn’t hinder your application at a later stage.
- Finding the right lender and the best rate for you. Rather than apply blindly, your broker will be able to identify the lenders best placed to help someone who is applying with a single income. This will save you time and, potentially, some money too.
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Can you afford a mortgage on your own?
This comes down to personal circumstances; two important factors will be at play.
Your deposit
Most lenders require a minimum 10% deposit, although some will go as low as 5%. Some will lend to you if you’re a renter and you don’t have a deposit. It’s best to speak to a broker in situations such as this, as they will be able to help you assess your options.
Other costs, such as legal fees, surveys, valuations, and mortgage arrangement fees, must also be factored in. Some lenders will cover some of these costs as an incentive, and others can be built into your mortgage.
How much you can borrow
Lenders work out how much they think you can afford to borrow based on your income and normally work with a maximum borrowing limit of 4.5 times your annual salary.
However this isn’t set in stone – some lenders may be willing to offer 5.5 times salary mortgages, or sometimes even higher. Your job can play a part here, too, with certain roles qualifying for professional mortgages with higher income multiples.
To give you an idea of what size mortgage you might be able to get, use our mortgage affordability calculator below:
Mortgage Affordability Calculator
Use this calculator to determine how much you could potentially borrow for a mortgage, based on the typical salary multiples used by most UK lenders.
Your Results:
You could borrow up to
Most lenders would consider letting you borrow
This is based on 4.5 times your household income, the standard calculation used by the majority of mortgage providers. To borrow more than this, you will need to use a mortgage broker to access specialist lenders.
Some lenders would consider letting you borrow
This is based on 5 times your household income, a salary multiple you might struggle to qualify for without the help of a broker. This income multiple is not widely available to customers who are applying directly with a lender.
A minority of lenders would consider letting you borrow
This is based on 6 times your household income, a salary multiple you will struggle to get without a broker. Six-times salary mortgages are usually only available under very specific circumstances.
Get Started with an expert broker to find out exactly how much you could borrow.
Get StartedWhat support is available?
Getting a mortgage by yourself can be challenging, especially if you don’t have a lot of savings or you’re on a low income, but plenty of schemes available could give you the extra support you need. Your mortgage broker will be best placed to advise you on your options and which might be best for you, but we’ve included a few to help you start thinking more broadly.
Shared ownership
Shared ownership allows you to buy a share in a property and pay rent on the rest, with the option to increase your share over time if you want to, known as ‘staircasing’. Most shares start at between 25% and 75%, up to 100% over time.
Guarantor mortgages
A guarantor mortgage is where a parent or close family member agrees to guarantee your mortgage repayments and offer their own savings or property as security. Often, you can get a 100% guarantor mortgage, as the additional security acts as a deposit, so it can be ideal for some single mortgage applicants without savings.
Support for single first-time buyers
You could be eligible for the government’s mortgage guarantee scheme if you’re a first-time buyer. Suppose you are planning a purchase for the future. In that case, you might also consider saving for a deposit in a lifetime individual savings account (LISA) to help your money go further.
Can you get a mortgage on your own if you have bad credit?
Yes, it’s possible. It depends on the severity of the bad credit issue you’ve had, how much it was for and how long ago it happened.
Some specialist lenders have experience dealing with such applications. The smart move is to check your credit history first and then contact a broker to explain your situation before applying to a mortgage lender.
Get matched with a broker experienced in single-income applications
Getting a single-person mortgage can feel daunting, with so much uncertainty over what you can afford and whether you can afford it alone. Having a broker specialising in single-applicant mortgages can take out the stress of research time, save you money, and be someone with whom you can share a sense of responsibility.
Give us a call at 0330 818 7026 or make an online enquiry, and we will assess your personal circumstances and match you with the best broker for you.
Got a question?
We know everyone's circumstances are different, so if you have a specific question about getting a single person message then get in touch.
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Pete Mugleston
CeMAP Mortgage Advisor, MD
Pete, a CeMAP-qualified mortgage advisor and an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete successfully went the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained and his love of helping people reach their goals led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.
Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for Online Mortgage Advisor of course!
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