Sole Name Mortgage Advice for Married Applicants

Sole Name Mortgage Advice  – Most married couples prefer to make a  joint mortgage applications rather than a sole name mortgage. Over the years house prices have risen quite significantly and with house price inflation outstripping wage increases over the years, in most cases, two salaries are required to qualify for a large enough mortgage.

You are married and are looking to make a mortgage application. Sometimes situations occur where you need to make a ‘sole name application’. One salary is enough for the amount of  borrowing required. There can also be other reasons why one of the applicants doesn’t want to go on the application. This could be due to;

Previous credit problems

It may be that one applicant has a previous credit problem, maybe a bankruptcy or a CCJ. This could prevent them from getting a mortgage at this time. In this case, providing the spouse or partner is not connected to that issue then the mortgage application could be made in just their sole name.

This person would need to be careful to try and avoid creating a financial association with their partner if they want to guarantee that their own credit score would remain unaffected by that issue.

Mortgage Borrowing capacity

The maximum borrowing capacity as a couple is generally lower as rule than if the working applicant took out the mortgage in their sole name. This may be due for example when one partner is currently not working.

Age of the applicants has a bearing on the mortgage calculation sometimes if you have one applicant aged in their 50’s. For example, buying with a younger partner then it’s possible if the younger applicant is a good earner that they could borrow more as a sole applicant.

Lenders will look at the type of mortgage you are applying for, you may for example have a large deposit, 30% or more as opposed to 5%, this may help with your mortgage application

Tax implications

It may be that there are stamp duty or other tax implications which would lead to an applicant preferring to apply on their own.

Sole Name Mortgage Advice – We can usually help

Some Lenders are quite strict about married applicants having to do the mortgage in joint names. Most probably because they are concerned that this could in some way affect their security in the future. Especially if the couple were to divorce.

Luckily not all Lenders share this (slightly prejudicial) view.

How do you get a single mortgage when you’re married? – Our experienced mortgage advice team are here to help 7 days a week.

 

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