Getting a mortgage by yourself can be a daunting prospect but actually it is very common and there are many benefits to purchasing a property alone. Here, Octagon Capital explores the ins and outs of getting a mortgage by yourself.


Can You Get a Mortgage on Your Own?

Many first-time buyers choose to buy a property alone, if they are able, and it is extremely common. From a lender’s perspective, getting a mortgage as a single person is no different from any other mortgage.

Applying for a mortgage by yourself may mean waiting longer than couples who get a joint mortgage as it means a single income, rather than joint. The more deposit you are able to put down as a down payment, the better your chances of getting approved for a mortgage.


What Size Mortgage Can I Afford by Myself?

The amount that you are able to borrow for your mortgage will be based on your income. This will vary between lenders but will generally be between 4.5 times your income or, in some cases, as much as 6 times your income, situation dependent.




Certain factors, such as your monthly outgoings or employment status, will impact a lender’s willingness to approve your mortgage. If you have a high debt-to-income ratio, that is if your outgoing spending is high proportionately to your income, you risk rejection from lenders.

Usually, lenders will request proof of income and in particular that you have been in that job role for a minimum of 1 year, or in some cases as many as 2-3 years. If you are self-employed, the majority of lenders will only let you borrow based on the earnings evidenced in your end-of-year accounts.


How To Purchase a House as a Single Person

If you are planning to apply for a mortgage as a single person, working with a mortgage broker who specialises in solo applicants could help you find the best mortgage to suit your personal circumstances.

There are a range of different mortgage options out there. It’s important to find the one that works best for you. This is where working with a mortgage broker specialising in solo applicants can help, working to help you find deals that best accommodate to your requirements.


What Does Applying for a Single Person Mortgage Mean for Ownership?

Applying for a loan by yourself does not necessarily affect the ownership of the home. Typically, all borrowers on the mortgage application must be listed on the title deeds.




However, if you apply for a mortgage alone, this does not prevent other names being listed on the title as well. Non-borrowers can be included on the deed title and have legal ownership of the property; however, you will most likely need to check this with the mortgage provider.


What Is Right To Buy in Sole Name?

If you live in a council house and qualify for the Right to Buy scheme, your mortgage application will need to be in the name of anyone on the Right to Buy paperwork.

Therefore, if you are the only person who qualifies, lenders would most likely request for you to apply for the Right to Buy mortgage alone meaning that your credit history and income alone will be assessed.


If You Are Married, Do You Have To Apply for a Mortgage With Your Spouse?

For married couples, it is not necessary to include both spouses on the mortgage application when buying a house or refinancing current homes. In fact, in some cases it might be better to only include one spouse on the home loan application. For example, if you choose the spouse with a better credit score, it could make it more likely that the couple will be approved for a mortgage.




Even if you choose to buy a house under one name, you can add your spouse to the home’s title after the loan is finalised and become official “co-owners” of the property. However, the person on the mortgage application will be the sole party responsible for the repayment of the loan. Listing a spouse as a co-owner on the house title does not signify any legal responsibility for them to assist with the mortgage payments.


Benefits of Applying for a Mortgage Alone

There are many reasons why someone may choose to apply for a mortgage alone.

  • Save money on mortgage interest rates: If you have good credit, you could save thousands on your home loan in the long run. Applying alone can significantly reduce the mortgage cost and the interest rates incurred as you will not be impacted by someone else’s less-than-perfect credit rating.
  • Avoid credit issues: For joint applications, mortgage lenders create a “merged” credit report using the scores of each applicant; they then use the lowest of the two scores in order to evaluate the application. This means that if one person on a joint application has a poor or damaged credit history, it can have a negative impact on the entire mortgage application.
  • Preserve assets: In order to take out a secured loan, you will need to offer collateral to reduce risk for the lender. In many cases, this could be an asset such as your home. This means if you are unable to pay your mortgage, you risk being vulnerable to asset repossession. If you buy a house in just your name, you protect your home from creditors in the case that the other applicant has any outstanding debts such as student loans or unpaid taxes.


Disadvantages of Applying for a Mortgage Alone

A joint mortgage application may be a good idea for some cases, especially for married couples who have similar credit histories. If this is the case, applying for a mortgage alone may prove to be disadvantageous.

  • Only one income: The key disadvantage of applying for a mortgage alone is that only one income can be counted on the application. This will significantly reduce the buying power and reduce the range of properties which are available. Joint applications include two incomes, meaning that a couple can afford a larger monthly mortgage payment and increase the maximum loan amount they can qualify for. This also means that they have access to more expensive homes than simple applicants.
  • Higher debt-to-income ratio: If you are applying for a mortgage alone and have high outstanding debts, you may find it difficult to meet a lender’s debt-to-income ratio requirements.