Finding The Best Single Applicant Mortgage Deal For Your Circumstances
Deposit saved up and ready to buy all on your own? Congratulations! The hardest part is over; now all that’s left is finding the right mortgage deal for you. Buyers choose to purchase alone for many reasons; it might be that they are unmarried, their partner has adverse history, they have recently separated, or something else entirely. The good news is that plenty of lenders are more than willing to lend to single applicants. Whatever your personal circumstances, we’re here to empower your mortgage search and make your future plans possible. Whole of market mortgage brokers and fully independent, we’ll seek out the most appropriate deals available for you and support you through every stage of the application process. We’re here to make dreams of your future home come true.
What is a single applicant mortgage?
Single applicant or single person mortgages are exactly what they sound like – a mortgage that is taken out in a single person’s name. Importantly, being ‘single’ isn’t a prerequisite for having a mortgage only in your name. In fact, many people take out single applicant mortgages despite having long term partners as a way of remaining financially independent in the event of relationship breakdown or to prevent their partner’s adverse credit from impacting the application. People might also choose to remortgage in their name only to remove an ex partner from an existing policy.
Can I remortgage and remove an ex partner?
This is quite a common scenario and is definitely possible. When relationships end, financial commitments must be tied up too. In these cases, remortgaging is a highly effective solution. Our team have helped many people convert from joint agreements to single applicant mortgages with the other party removed. Whatever you’re going through, we’re here to support you through this no doubt stressful time and ensure you end up with a suitable deal. When it’s time to fly solo, our team of specialist mortgage advisors can help you access mortgage deals from lenders who understand our circumstances. From high loan to value to bad credit mortgages, we can steer you towards the most appropriate options on the market for you. We can even advice on the conveyancing process that will be required to remove the ex partner from the mortgage. Talk to us today!
Maximise your chance of approval with specialist advice from an expert in Single Applicant Mortgage
Is it harder to get a mortgage as a single person?
No, not necessarily. Despite only having a single income contributing to your affordability calculations, you will also only have a single person’s expenses contributing to your monthly outgoings. As a result, you can still achieve an adequate mortgage without an additional party, and the choice of lenders should not be too limited. If you have bad credit or any complications in your financial history, this may reduce the number of deals available to you. Even in these circumstances, though, When the Bank Says No has helped single applicants achieve the finance they need to purchase their own home by liaising with specialist bad credit lenders.
What is the minimum deposit I will need for a single applicant mortgage?
Typically, lenders don’t like to go below 5% as a minimum deposit contribution, and your terms are likely to improve if you can put a larger sum down. Of course, as a single applicant without the benefit of pooled finances it may be trickier to get a large sum together. Whatever your circumstances, our team of mortgage specialists will scour the market for the most suitable deal, taking into account the deposit that is achievable for you. With us, you can feel confident that the right mortgage is just around the corner, and put those fears to bed.
Single applicant mortgages FAQs.
Single Applicant Mortgage Calculator
Experienced single applicant mortgage advisors.
Whether you’re looking at your options when it comes to remortgaging and removing an ex partner, or just investing in property independently, we’re committed to helping you achieve your future plans. Choosing to buy a property alone is exciting and a huge achievement, but it can also be scary. Luckily, you’re not alone – our trusted mortgage advisors are here to support you at every stage of the process. Whatever your credit history, deposit size and personal circumstances, mortgages don’t have to be stressful.
We make going solo easy.
Buying a property alone is a big decision – and a brave one at that! You may be feeling anxious about the process moving forwards, which is why we’re here to provide you with useful guidance and handy tools to ensure everything runs smoothly. With us, you can feel confident that you are gaining access to the best deals on the market, and submitting an application that is truly in its best shape. Just because you’re buying alone, doesn’t mean you have to apply alone – our friendly team is here to support, encourage and advise on every one of your next moves.
