If you\u2019re single and thinking of getting a mortgage, you\u2019re not alone. Many first-time buyers take the first step on the housing ladder when they\u2019re still single.\r\n\r\nWith more people looking for mortgages following separation and divorce too, there are plenty of opportunities to get a great deal, when you know the best lenders to go to.\r\n\r\nThis article will look at:\r\n<ul>\r\n \t<li><a href="#dont-need-to-worry">Why you don\u2019t need to worry about being rejected for a mortgage if you\u2019re a single applicant<\/a><\/li>\r\n \t<li><a href="#affordability-single">What mortgage can you afford as a single person?<\/a><\/li>\r\n \t<li><a href="#calculate-single-mortgage">Calculate how much you can borrow on a single mortgage<\/a><\/li>\r\n \t<li><a href="#self-employed-single">Self-employed single person mortgages<\/a><\/li>\r\n \t<li><a href="#rtb-sole-mortgage">Right to buy mortgages on your own<\/a><\/li>\r\n \t<li><a href="#sole-mortgage-small-deposit">Mortgage on your own with a small deposit<\/a><\/li>\r\n \t<li><a href="#when-to-consider-jbsp">When to consider a joint mortgage in sole name only<\/a><\/li>\r\n \t<li><a href="#remortgage-sole-name">Remortgage into one name (take someone off a mortgage)<\/a><\/li>\r\n \t<li><a href="#secured-loans-single-app">Secured Loans as one single applicant<\/a><\/li>\r\n \t<li><a href="#important-info">Important info if doing single application but would prefer joint<\/a><\/li>\r\n \t<li><a href="#btl-sole-name">Buy to let in single name<\/a><\/li>\r\n \t<li><a href="#expert-sole-mortgages">Speak to a mortgage broker who specialises in arranging mortgages for single people<\/a><\/li>\r\n<\/ul>\r\nIf you\u2019re keen to find out how much you can borrow and discover the kind of deal you might be able to get on a mortgage as a single person, call 0808 189 2301 or make a quick <a href="https:\/\/onlinemortgageadvisor.outgrow.us\/match-me-with-a-single-mortgage-specialist">online enquiry<\/a>.\r\n\r\nWe\u2019ll introduce you to the right mortgage broker who will be happy to answer your questions and find the best mortgage to suit you.\r\n\r\nAll the advisors we work with are whole-of-market brokers and can find mortgages and deals you won\u2019t find on the high street. The right mortgage advice could save you up to \u00a3400 a month, which could make a massive difference to you in the short and the long term.\r\n\r\n[feefo-banner]\r\n<h2 id="dont-need-to-worry">Why you don\u2019t need to worry about being rejected for a mortgage if you\u2019re a single applicant<\/h2>\r\nGetting a mortgage as a single person is treated no differently by lenders, and is actually more common than you might think.\r\n\r\nMany <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/first-time-buyer-mortgages\/">first-time buyers<\/a> decide to purchase their first property alone. In some cases this might just mean they have a lower deposit, or need to wait a little longer to buy than a couple with joint incomes who may be able to <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/blog\/save-for-mortgage-deposit\/">save a deposit quicker<\/a>.\r\n\r\nThe first thing you need to know is if one lender has rejected your mortgage application, it doesn't necessarily mean another lender will too. In fact, over 50% of the customers we\u2019ve helped had been declined elsewhere before getting a mortgage through one of the brokers we work with.\r\n<h2 id="affordability-single">Mortgages sizes available to single applicants<\/h2>\r\nAffordability comes down to two things, income and outgoings, alongside the lender\u2019s interpretation and criteria of what is considered acceptable.\r\n\r\nEvery lender has different lending criteria, so to get the best mortgage at the best possible rate, talk to a whole-of-market broker who will know which lender will be most suitable for your own mortgage requirements.\r\n\r\nCall 0808 189 2301 or fill out a quick <a href="https:\/\/onlinemortgageadvisor.outgrow.us\/match-me-with-a-single-mortgage-specialist">enquiry form<\/a> to find out how much you could borrow today.\r\n<h3>How mortgage lenders assess income<\/h3>\r\nAll lenders have wide ranging criteria on the income they do and don\u2019t accept, and have different ideas about suitable affordability limits, so this makes it difficult to establish an exact borrowing figure on paper for all. Likewise, every lender will have differing mortgage allowance rules when arranging single person mortgages.\r\n\r\nFor instance, all lenders will consider 100% of a basic wage, but when it comes to bonuses, some lenders consider 100% of them, some are 50%, and others don\u2019t consider them at all.\r\n\r\nSome lenders consider overtime, while others won\u2019t. Some want self-employed borrowers to have been set up in this capacity for 3 years, others 9 months. And so on\u2026\r\n\r\nThe impact of this can be massive on the maximum loan figures. For example, a borrower with 25k basic and 5k bonus with lenders happy to offer 4.5x income but accepting different % of the bonus income:\r\n<ul>\r\n \t<li>100% bonus income = 25+5k x 4.5 = Max loan of \u00a3135,000<\/li>\r\n \t<li>50% bonus income = 25+2.5k x 4.5 = Max loan of \u00a3123,750<\/li>\r\n \t<li>0% bonus income = 25+0k x 4.5 = Max loan of \u00a3112,500<\/li>\r\n<\/ul>\r\nThe same borrower, with the same affordability from 3 lenders with different stance on income, means a range of over \u00a322,500.\r\n<h3>How lenders assess affordability<\/h3>\r\nAnyone with financial commitments such as credit card debt or personal loans, will have these expenses deducted from their disposable income, which lenders use to assess <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-affordability\/mortgage-affordability-checks\/">affordability<\/a>.\r\n\r\nOutstanding debt commitments with someone else are likely to be considered by a lender when assessing you for a mortgage.\r\n\r\nLenders will want to know if you have any responsibility for meeting an existing outstanding debt, they\u2019ll assess this additional monthly expenditure to ensure it won\u2019t affect your ability to meet the repayment requirements for a mortgage.\r\n<h3>How lenders calculate affordability on a single person mortgage<\/h3>\r\nIn general, most lenders will cap maximum lending at 4x joint income, others can go up to 5x, and a handful may, in the right circumstances, consider up to 6x income.\r\n\r\nHistorically, most lenders for a single person mortgage in the UK, would use a mortgage multiplier for a single person to establish the maximum loan that someone could borrow. <i>For example, some lenders would offer a maximum mortgage of 4 x salary, so those earning \u00a325,000 could borrow \u00a3100,000.<\/i>\r\n\r\nHowever, these days more lenders will run affordability models based on a true reflection of your personal income and fixed outgoings, to establish a disposable monthly income from which you\u2019ll have to pay a mortgage.\r\n\r\nThese calculations are based on the rate as it is today, but also have an inbuilt stress-test to ensure affordability on rates if they were to increase in the future.\r\n<h3 id="calculate-single-mortgage">Single person mortgage calculators<\/h3>\r\nSo you want to know how much mortgage a single can person get?\r\n\r\nA quick online search will easily find <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-calculators\/how-much-can-i-borrow-on-a-mortgage\/">mortgage calculators<\/a>, but you should be aware that this kind of online calculator can only give you a very rough idea of how much you may be able to borrow.\r\n\r\nAt best, online calculators use generic multiplier tools and so will never be as precise as talking to an experienced mortgage advisor. Even going through an official calculator with a lender will only give you that one lender\u2019s figures.\r\n\r\nIf you\u2019re considering a mortgage application as a single person, we recommend speaking to an expert who can establish the most accurate maximum loan figure from the whole market. This takes knowledge and a bit of leg work, but is the best way to know exactly where you stand, without resorting to basing your house hunting on inaccurate figures, which might lead to disappointment.\r\n\r\n[feefo-banner]\r\n<h2 id="self-employed-single">Can I apply for a mortgage on my own if I\u2019m self-employed?<\/h2>\r\nYes, you can! The main considerations are:\r\n<ul>\r\n \t<li>Employment capacity - lenders will assess sole traders and Ltd directors differently. <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/self-employed-mortgages\/mortgages-for-directors\/">Mortgages for limited company directors<\/a>\u00a0will usually be assessed by the income they have drawn from the business.<\/li>\r\n<\/ul>\r\nHowever, some lenders will also consider the share of retained profit that could have been drawn, which, if you go to the right lender, could result in far higher lending figures.\r\n<ul>\r\n \t<li>Accounts - most lenders want 3 years of accounts, some 2, some less than 1. The longer you have been set up that way, and the more profit in the business you have, the more lenders will consider your application.<\/li>\r\n<\/ul>\r\nDon\u2019t worry if you\u2019ve only been working this way for a year or two, as there may be lenders who will consider your mortgage application. A specialist broker, like the ones we work with, will know which lenders would consider fewer than 3 years\u2019 accounts.\r\n<ul>\r\n \t<li>Income figures - Turnover, Profit, and Drawings (salary + dividends). Most lenders will average your income over 3 years figures, so if you\u2019ve had a large increase in income in the<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/self-employed-mortgages\/self-employed-mortgages-using-the-latest-years-income\/"> most recent year<\/a>, lenders that take only this year into account will offer the largest loans.<\/li>\r\n<\/ul>\r\nWhatever your circumstances, we\u2019ve successfully arranged mortgages for many self-employed people.\r\n\r\nWith a network of over 200 whole-of-market expert brokers, we work with brokers who specialise in <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/self-employed-mortgages\/">getting mortgages for the self-employed<\/a>. All the brokers we work with have access to mortgages and deals you won\u2019t find on the high street.\r\n<h2 id="rtb-sole-mortgage">Right to buy in sole name<\/h2>\r\nIn general, if you qualify for the<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/right-to-buy-mortgages\/"> right to buy<\/a> your council house, then the mortgage and ownership of the property will need to be in the names of the people on the right to buy paperwork.\r\n\r\nSo, if you\u2019re the only person who qualifies, with most lenders you\u2019d need to apply for the right to buy mortgage alone. This means a mortgage lender will assess your credit history and income individually.\r\n<h3>Getting a right to buy joint mortgage<\/h3>\r\nThere are instances where a single person is named on the right to buy paperwork but can\u2019t get a mortgage on their own and want to add someone else to the mortgage for their right to buy purchase.\r\n\r\nIn these instances, there are a handful of lenders happy to accommodate, in a similar manner to a joint mortgage sole proprietor setup.\r\n\r\nCall 0808 189 2301 and we\u2019ll introduce you to one of the brokers we work with who specialises in Right to Buy mortgages.\r\n<h2 id="sole-mortgage-small-deposit">Single person mortgages with low deposit<\/h2>\r\nIf you\u2019re buying a property on your own as a first time buyer, you might be surprised to know that single 95% mortgages are available on both open market properties as a straightforward purchase, and on Help to Buy deals with new build property, using the <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/help-to-buy-mortgages\/">Help to Buy<\/a> scheme.\r\n\r\nIf you\u2019re considering buying either a new build or existing property on your own, get in touch and we\u2019ll match you to one the 200 mortgage experts we work with. They will be happy to answer all your questions and find you the right mortgage at the best possible price.\r\n\r\nThe right broker will save you time, money and hassle. The right mortgage could save you up to \u00a3400 a year.\r\n<h2 id="when-to-consider-jbsp">When to consider a joint mortgage in sole name only<\/h2>\r\nA <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-application\/joint-borrower-sole-proprietors\/">joint borrower, sole proprietor mortgage<\/a> (JBSP) allows a second party (usually a parent) to help their child buy a home by joining their mortgage without featuring on the title deeds.\r\n\r\nAlthough this type of mortgage is a good option for first-time buyers, you might find this type of mortgage can provide useful tax benefits and, in some cases, can be used to protect your assets.\r\n<h3>Mortgages with bad credit are better than you think!<\/h3>\r\nWe often hear from customers who are looking for a mortgage, but are less than confident about their prospects because one of them has bad credit.\r\n\r\nIf you\u2019re considering a solo mortgage for a property that will be occupied by two people to avoid bad credit showing up on the application, there are lenders out there who cater for even the most recent and severe bad credit scenarios.\r\n\r\nThe specialist brokers we work with know the lenders willing to offer mortgages to people with adverse credit history, and can deal with anything from late payments, debt management and even bankruptcy.\r\n\r\nMany people think you need 50% deposit before a lender will even consider your mortgage application if you have adverse credit, but this isn\u2019t always the case. In fact, in certain circumstances, buying with just 5% deposit is possible, and at great rates too!\r\n\r\nSee our section on <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/bad-credit-mortgages\/how-to-get-a-mortgage-with-bad-credit\/">how to get a mortgage with bad credit<\/a> for more information.\r\n\r\nOr cut straight to the chase and let us match you with a broker with specialist knowledge of arranging mortgages for people with adverse credit.\r\n\r\nCall 0808 189 2301 for free, no obligation advice from one of the 200 whole-of-market brokers we work with.\r\n<h3>Being married and applying alone can be difficult<\/h3>\r\nMost lenders want married applicants to apply for their mortgage in joint names. If you want a<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-application\/so-youre-married-but-want-a-mortgage-in-just-your-name\/"> mortgage in a sole name when you\u2019re married<\/a>, for any reason, you\u2019ll probably find yourself limiting the lenders available and end up excluding yourself from the very best deals as a result.\r\n<h3>Can I ring-fence my deposit contribution on a joint mortgage?<\/h3>\r\nWhen you purchase a property with a<a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-application\/joint-mortgages-in-the-uk\/"> joint mortgage<\/a>, it\u2019s usual for one applicant to have a larger deposit contribution than the other.\r\n\r\nIf you have concerns about potentially losing your contribution in the event of selling the property due to a break-up or a dispute, you can ring-fence your share by <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-application\/joint-tenants-versus-tenants-in-common\/">applying for a joint mortgage as tenants in common<\/a>.\r\n\r\nHowever, if you\u2019re buying in sole name, you can write up a contract with a solicitor to agree terms separately from the mortgage.\r\n\r\nThis is a legal agreement your mortgage lender won\u2019t recognise and is an entirely separate arrangement you should make alongside the mortgage.\r\n<h2 id="remortgage-sole-name">Remortgage into one name (take someone off a mortgage)<\/h2>\r\nRemortgaging from a joint mortgage to a single mortgage is essentially the same as the remaining person re-applying for a new mortgage on their own, either with the same lender or a new one.\r\n\r\nGoing for a new lender is likely to give you the best rates, but remortgage fees should be factored in to the decision.\r\n<h3>Remortgage into one name with the same lender<\/h3>\r\nIf you\u2019re sticking with the same lender, and get approved, you can usually retain your current mortgage deal, which helps avoid repayment penalties.\r\n\r\nAs the remaining owner, you\u2019ll need to evidence your ability to afford the mortgage alone and your credit profile would need to\u00a0 show that there\u2019s no more risk than before.\r\n<h3>Remortgage into one name with a new lender<\/h3>\r\nIf you\u2019re declined by your current lender for a sole remortgage, then there may be other options through new lenders who may be more flexible when it comes to whatever issue is causing the problem.\r\n\r\nOften, it will be down to affordability \u2013 where some lenders will go up to 5-6x income, or perhaps credit history \u2013 where some lenders are willing to consider all manner of issues.\r\n<h3>Legal process of remortgaging into one name<\/h3>\r\nThe legal process is slightly more complex than a normal remortgage, as it involves the transfer of equity from one party to the other, as well as the standard change of lender on the charge over the property. This can take some extra time, as well as usually costing more in legal fees (approximately \u00a3200-500).\r\n\r\nBe sure not to overlook the potential for<a href="https:\/\/www.gov.uk\/guidance\/sdlt-transferring-ownership-of-land-or-property"> stamp duty on transfers of equity<\/a>, where rules can be different if you\u2019re divorcing or not-married.\r\n<h2 id="secured-loans-single-app">Secured Loans as one single applicant<\/h2>\r\n<h3>If you own a property alone and want to borrow more money<\/h3>\r\nIf you own a property in your own name and want to release some cash, you have the option of either borrowing on a main remortgage, or taking a second mortgage (secured loan).\r\n\r\nThe benefit of a remortgage can be that the whole debt is on one loan with the same lender, and at fantastic rates, whereas borrowing on a secured loan with a new lender can mean slightly higher rates and fees.\r\n\r\nRemortgaging could mean paying fees if you\u2019re locked into an introductory fixed rate period. Taking out a secured loan means you can avoid paying these fees but still borrow more to make up the difference in the increased amount you want to borrow without changing a mortgage you\u2019re otherwise happy with.\r\n\r\nSecured loan lenders tend to be more flexible when underwriting the loan and can accept more recent and severe adverse credit issues, as well as being more generous on their lending amounts, in some instances offering over 10x income where most main mortgage lenders cap this at 4x (some will do 5x and a few will do 6x max).\r\n<h3>If you have a joint mortgage and want a single secured loan<\/h3>\r\nIn general, it\u2019s not possible for one person to take out a secured loan on a jointly owned property.\r\n\r\nOwning a property with someone else, even if you\u2019ve decided on the % ownership using tenants in common, still means you both have to agree on the debts secured against it. The mortgage remains a joint and several debt that you\u2019re both equally responsible for, and any new debt would be the same.\r\n\r\nThe only way of borrowing on your own when you\u2019re in a joint mortgage, would be to take out an unsecured loan or, if you own another property in your own name, remortgaging or taking a secured loan against that property.\r\n<h2 id="important-info">Can I apply for a mortgage in one person\u2019s name even if there are two people buying the property?<\/h2>\r\nGenerally, no. In order to get a mortgage on the property, lenders will want all owners to be named.\r\n\r\nHowever, it is possible to do the reverse, and get a mortgage in two names with only one owner named on the deeds.\r\n\r\nThis arrangement is known as <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/mortgage-application\/joint-borrower-sole-proprietors\/">joint mortgage sole proprietor<\/a> and tends to be used to share liability for a mortgage with someone who has no legal right over the equity. A bit like a guarantor mortgage, but different.\r\n\r\nThere are lots of reasons why you might want to apply for a single person mortgage when there are two people buying the property. As mentioned above, a common reason is that a partner could have bad credit which with some lenders would lead to an instant rejection on a joint mortgage application, especially for first-time buyers.\r\n<h2 id="btl-sole-name">Buy-to-Let mortgages in sole name<\/h2>\r\nGetting a <a href="https:\/\/www.onlinemortgageadvisor.co.uk\/buy-to-let-mortgages\/">buy-to-let mortgage<\/a> in a single name is much the same process as getting a residential mortgage as a single person, but some lenders\u2019 minimum income thresholds can be pretty tight and this can be a reason why an application may be declined.\r\n\r\nHowever, there are other lenders who offer buy-to-let mortgages with no minimum income requirements, speak to a specialist broker who knows which lenders have no minimum income requirements for buy-to-let mortgages.\r\n\r\n[feefo-banner]\r\n<h2 id="expert-sole-mortgages">Speak to a mortgage broker who specialises in arranging mortgages for single people<\/h2>\r\nIf you\u2019re interested in getting a mortgage in a single name as a first-time buyer, or as part of a more complex arrangement, get in touch.\r\n\r\nWe\u2019ll match you with a broker with the right specialist knowledge to answer your questions and help get you the mortgage you want.\r\n\r\nAll the brokers we work with have access to mortgage lenders across the UK, so they know the lenders who offer the best mortgage rates, saving you time, hassle and money - the right mortgage could save you \u00a3400 every year.\r\n\r\nCall 0808 189 2301 or make a quick <a href="https:\/\/onlinemortgageadvisor.outgrow.us\/match-me-with-a-single-mortgage-specialist">online enquiry<\/a>. Our matching service is free and it costs nothing to speak to one of the brokers we work with. There\u2019s absolutely no obligation and brokers only get paid when you get the mortgage you want.