Getting a Sole Mortgage but Living with Partner

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. Either way, this guide will tell you what your options are.

Can a married person get a mortgage without their spouse?

Yes. If you’re married and getting a mortgage on a property that you and your spouse will both be living in, most mortgage lenders will prefer both applicants to be named on the mortgage; but it’s possible to get a single mortgage when you’re married and still end up with the best interest rate available.

How to get a single mortgage when you’re married

The best place to start is by speaking to a mortgage broker who specialises in arranging solo mortgages for married applicants so you can be certain you will receive bespoke advice and end up with the best deal available. The mortgage advisors we work with can guide you through the process and find the right mortgage broker to suit your particular circumstances.

If, for instance, your partner doesn’t have a clean credit rating, we’ll match you with a broker who specialises in arranging mortgages under these exact circumstances. It may be possible for you to buy a property using your good credit rating and get the best interest rates on the market. You can always add your partner to the mortgage further down the line, when their credit issues have been discharged.

Some things to consider

• Many lenders aren’t keen on lone applications from two married borrowers, but are usually okay 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.

Did you know… You could access 30% more of the mortgage market with a broker on your side – Get Started with an OMA-Expert to find out how much this could save you and unlock more deals.

How to overcome problems with single mortgages

There are a number of complications that, while tricky, needn’t be deal-breakers for married mortgage applicants who are applying for finance in their name only. With the right advice and an experienced broker on your side, many issues can be overcome fairly easily.

Potential problems 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.
• Ownership: 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.
• Bad credit: If you’re trying to avoid adverse credit, then many lenders will force a joint application, although there are mortgage lenders who will consider a loan to the partner with a clean credit rating.
• Divorce or separation: Getting a solo mortgage if you’re separating or getting divorced when one of you is staying living in 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.

How bad credit may affect your application

Getting a mortgage with bad credit can be an issue if you’re married and apply in just your name. Here are some of the main issues and considerations to be aware of…

• 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 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.

Speak to an expert

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.

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.