If you’re married do you have to get a joint mortgage?
The simple answer is ‘no’.
Generally, most lenders want both applicants to be on the mortgage, but it’s possible to get a single mortgage while married in the UK and still get the best interest rate available.
How to get single mortgage when married
With our expertise, we can help guide you through the process and find the right mortgage broker to suit your particular circumstances. If for instance your partner does not have a clean credit rating, we’ll find a broker that specialises in that area, so you can buy a property using your good credit rating and be more likely to take advantage of the best interest rates on the market.
Aren’t all mortgage brokers the same?
No. Which is why we carefully select the specialist brokers we work with, choosing those with particular skills and experience, before putting them through our training academy and allowing them to work with our customers.
Not everyone makes the grade, but that means you’ll only be dealing with the very best and someone who understands your unique circumstances, and how to give you the right advice.
Some things to consider
Many lenders are not keen on a single mortgage applicant when a couple is married, but are usually OK to accept an application for a joint mortgage if not married in the UK.
The key issue is, can your income cover the mortgage? You need to be aware that if your partner is not going on the mortgage, they may be deemed as a financial dependent, thus affecting affordability. Not being on the mortgage will of course mean that their income cannot be used to calculate the maximum you can afford.
There are more lenders able to accept a single mortgage application when married if you’re purchasing a buy-to-let or investment property, or a second home for work purposes, as opposed to a main residence for you and your family to live in.
Buy-to-let is more acceptable for some lenders as they understand that buying in a single name can have key tax benefits.
How to overcome problems with single mortgages
There are a number of complications that, although tricky, are not insurmountable. Providing you have the right mortgage broker, with the right expertise, many issues can be overcome relatively easily. These include:
The deposit. If your partner is not going on the mortgage, but owns the deposit or current equity, then this is deemed to be gifting it to you and is unacceptable to most lenders. A possible solution would be the signing of a waiver of rights to the property.
If your partner who is gifting equity or a deposit is also living in the property, then many lenders will be reluctant to approve a mortgage, as it would be difficult to separate ownership/rights to the property (although there is a handful happy with this).
If you are trying to avoid adverse credit, then many lenders will force a joint application, although there are some lenders who will consider a loan to the partner with a clean credit rating.
If you are a married couple, but are separating, with one person moving out but still on the mortgage (effectively buying a second property), then this may be acceptable, although supporting evidence such as the initiation of divorce proceedings may be required, and of course evidencing affordability if there are to be 2 mortgages.
Other solutions our mortgage broker may suggest
If you have a bad credit rating, but to lesser degree than your partner, then a single mortgage may still be worthwhile, although depending on the severity of the issue, a higher deposit/equity may be required.
It’s still worth considering a joint mortgage as some of the rates and criteria for mortgages with bad credit are very attractive and much more competitive than you might think. All you need is the right broker.
Your broker can help you understand the advantages of getting a mortgage, married vs single, from a tax or poor credit rating point of view.
How bad credit may affect your application for a single mortgage
Bad credit can be an issue. Below is a list of potential credit issues you may be faced with as a borrower if you’ve ever experienced any of these:
Adverse credit overview
Low credit score
County Court Judgements (CCJs)
Individual Voluntary Arrangements (IVAs)
Debt Management Plans (DMPs)
Talk to an experienced single mortgage advisor today
If you like anything in this article or you’d like to know more, call Online Mortgage Advisor today on 0800 304 7880 or make an enquiry here.
Then sit back and let us do all the hard work in finding the broker with the right expertise for your circumstances. – We don’t charge a fee and there’s absolutely no obligation or marks on your credit rating.
*Based on our research, the content contained in this article is accurate as of most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information.
The info on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.
Some types of buy to let mortgages are not regulated by the FCA.
Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.
Pete, 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 found great success in going the extra mile to find mortgages for people whom many others considered lost causes.
The experience he gained, coupled with 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 OMA of course!
Read more about Pete here...
Find out more about how we help people apply for mortgages