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How to get a mortgage on your own

If you’re buying a home on one salary, either as a one-income family or as a single applicant, you may think your options are limited but this isn’t necessarily the case. Whilst you may need to work harder to get the finances you need in place, with careful planning, you can put yourself in the best possible position to get into your new home.

Here are our top tips on how to get a mortgage with one income.

If your buying a home on one salary, either as a one-income family or as a single applicant, you may think your options are limited but this isn’t necessarily the case. Whilst you may need to work harder to get the
finances you need in place, with careful planning, you can put yourself in the best possible position to get into your new home.
Here are our top tips on how to get a mortgage with one income

Clear any debt

A lender will establish your affordability based on a number of factors, including your committed monthly expenditure. If you can reduce this amount by clearing any debts you currently have, such as an outstanding credit card balance, you’ll improve your chances of being approved for a mortgage

Be realistic about your borrowing

We can all get carried away when it comes to buying consumer goods, but when it comes to buying a property, it really is important to make sure you consider your limit and stick to it.
Set some time aside to sit down and go through your finances. Consider how much you can comfortably afford to pay each month without forgetting your other necessary expenses.

A lender will advise you on the maximum amount you can afford to borrow, but this doesn’t mean you actually need to borrow that much. Give yourself some flexibility, and be realistic about what you can
comfortably afford on your own.

Speak to a mortgage broker before you start viewing any properties to ensure you have the best understanding and idea of your purchase price range and how much it will cost you.

Do your homework

Taking advice will almost certainly be helpful unless you’re very experienced in financial matters in general, and mortgages in particular. However, it’s worth spending some time doing your research to get a basic understanding of the mortgage process and the types of mortgages that are available or speaking to a Mortgage broker to have all of you questions answered.

Save, save, save

Saving for your home can seem like an endless task especially when buying on your own, but stick with it, you will get there and the end results are worth it!

The bigger the deposit you have, the more attractive you’ll be to lenders. The more equity you have, the lower the risk you represent. A larger deposit also means you will have a lower LTV (loan to value), which in turn
will give you access to a wider variety of mortgage deals. However having a smaller deposit isn’t the end of the world and with just 5% it is still possible.

Protect yourself

As your buying a home with one income it is even more important to ensure you protect your income. Make sure you have income protection in place! This ensures that should anything happen to you and you are off work long term, your income is replaced as soon as your employers benefits stop. With this in place you would still be able to make your monthly repayments and keep your home.

Use a mortgage broker

Regardless of whether your single or not, speaking to a Mortgage broker means you have access to expert advice for mortgages as well as any related life insurance, payment protection and even buildings and contents insurance you may need.

If you’ve got any questions or concerns about having a mortgage on your own, please get in touch with us today and we can arrange an appointment at a time to suit you

0330 135 8047