Single person mortgage: Getting a mortgage on your own

Getting a mortgage when you're single is no big deal, provided you can afford your monthly repayments.

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There are no limits for single people who want to get a mortgage, other than the financial limits created by applying with only one income.

Mortgage lenders will decide the amount you can borrow from them based on a multiple (usually between four and five times) of your annual income.

It means to buy a £200,000 home with a 10% deposit, a single person would have to earn at least £36,000 a year to qualify. Meanwhile, a couple could be eligible if they only earn £18,000 each per year.

Nevertheless, the government has created a number of schemes for low-earning singletons to get on the property ladder without committing to a mortgage with a partner.

Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

How can low earners be approved for a mortgage?

How to prepare your mortgage application

One advantage of applying for a mortgage alone is there will be less paperwork.

Nevertheless, in order to approve your mortgage application, a lender will need to see:

As part of a lender’s affordability checks, you’ll be credit checked immediately after submitting your mortgage application. It’s well worth preparing for this credit check now by ensuring all your debts and bills are paid on time. It’s also recommended to check for errors on your credit report by contacting any of the UK’s major credit reference agencies: Experian, Equifax or TransUnion (formerly Callcredit).

Should you use a mortgage broker?

A mortgage broker is a knowledgeable professional who will search the whole mortgage market on your behalf and recommend the best deals most likely to be available to you.

If you’re a low earner, it could be well worth working with a mortgage broker, as they’ll have detailed knowledge of lenders’ eligibility criteria. As such, they’ll be able to point you towards those willing to lend to someone with your financial circumstances.

This saves you the lost time, stress and credit score damage that occurs when you’re turned down by multiple lenders.

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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