There are a whole host of reasons why you might want to make a single mortgage application when you’re married, and there are many people who want to do so.
You may want to get the best mortgage possible and whilst you have an excellent credit rating, maybe your partner has had bad credit in the past.
Or perhaps you want a buy-to-let property and, if the property is in your name only, you can claim key tax benefits which you wouldn’t get if you owned the property in joint names with your spouse.
In this article we provide detailed information on the following topics:
If you’re already set on going ahead and organising a sole mortgage even though you’re living with your partner, skip the reading and talk to an expert broker who can answer all your questions and help you get a great deal.
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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 when you’re married and still get the best interest rate available. Read on to find out what options you might have.
How to get a single mortgage when you’re married
The best place to start is by speaking to a whole-of-market broker so you can be certain you will end up with the best deal available.
The advisors we work with can guide you through the process and find the right mortgage broker to suit your particular circumstances, i.e. married but seeking a sole finance agreement.
If, for instance, your partner doesn’t have a clean credit rating, we’ll match you with a broker who specialises in that area, so you can buy a property using your good credit rating and be more likely to get the best interest rates on the market.
Some things to consider
- Many lenders aren’t keen on lone applications from two married borrowers, but are usually OK to accept a joint application in the UK, if you’re not in a marriage.
- The key issue is, can your income cover the mortgage? You need to be aware that if your partner isn’t going on the title deeds, a mortgage lender assessing your application may view them as a financial dependent, thus affecting affordability.
- Your partner not being on the title deeds will also mean that their income can’t be used to calculate the maximum you can afford.
- There are more lenders able to accept a solo application when you’re 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 because they understand that buying in a sole name can have key tax benefits.
How to overcome problems with single mortgages
There are a number of complications that, while tricky, needn’t be deal-breakers.
With the right advice and an experienced broker on your side, many issues can be overcome fairly easily. Issues may include:
- The deposit – if your partner isn’t going on the mortgage, but owns the deposit or current equity, this is deemed as a gift to you and is unacceptable to most lenders. A possible solution would be to sign a waiver of rights to the property.
- If your partner who is gifting equity or a deposit is also living in the property, while many lenders will be reluctant to approve a mortgage, as it would be difficult to separate ownership/rights to the property, there are a handful of lenders who will go along with this kind of arrangement, an experienced mortgage broker, like the ones we work with, would know which lenders to apply to in these circumstances.
- If you’re 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.
- Getting a solo mortgage if you’re separating or getting divorced when one of you is staying living the house may mean you can effectively buy your ex out of the mortgage. You may need to provide supporting evidence of your separation, such as initiation of divorce proceedings, and you’ll also need to be able to prove your ability to cover the payments in your sole name.
I’ve got bad credit history! Can my husband or wife get a mortgage without me?
- If you or your spouse have a bad credit rating, a single mortgage may be worthwhile although, depending on the severity of the issue, lenders may need a higher deposit.
- It’s still worth considering a joint application 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
Bad credit can be an issue when it comes to securing a mortgage.
Below is a list of potential credit issues which may affect your ability to get a mortgage, in your own name, or as a joint applicant:
Talk to an experienced mortgage broker today
If you’re interested in pursuing getting a mortgage in your sole name, speak to one of the expert brokers we work with.
Call 0808 189 2301 or make an online enquiry – our quick and easy form only takes a matter of minutes to complete and then you can relax while we take care of the hard work for you.
We’ll match you with a mortgage broker who specialises in cases similar to yours. All our brokers have access to mortgage lenders across the UK and know the lenders to approach for the best deals to suit your circumstances.
Brokers we work with only get paid when they get you the mortgage you want. They’ll work tirelessly on your behalf from finding the right deal, helping with your application and chasing it all the way to successful completion.
Our matching service is free. Talking to an expert won’t cost you a penny and there’s no obligation, or marks on your credit report.
Updated: 25th August 2020
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