Single Mortgage Application When Married

Sole Name Mortgage Advice for a Married Applicant

Single Mortgage Application When married

Single Mortgage Application When Married – When looking at  applying for a mortgage it’s common for most married applicants to make a joint mortgage application rather than a sole name mortgage. With property prices having risen over the years plus inflation outstripping wage increases, in most instances, two salaries are usually required in order to obtain a large enough mortgage. However, sometimes situations occur where one salary is enough to justify the borrowing amount.  There also could be additional reasons for a single name application, that one applicant doesn’t want to go on the application.

One applicant may have had a previous credit problem, for example as bankruptcy or a CCJ, which is stopping them getting a mortgage at the moment. In this instance providing the spouse or partner that is not connected to that issue then the mortgage application could go in their sole name. That person should also 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.

Borrowing Capacity When Applying For a Mortgage

Another example could be where one partner is not working.   As a rule, the maximum borrowing capacity as a couple is actually lower than if the working applicant took out the mortgage in their sole name. Actually, this happens quite a lot! Age also comes into the 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.

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.

We Can Usually Help

Some Lenders are quite strict about married mortgage applications,  with the mortgage having to be 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. With this in mind, our experienced mortgage advice team are here to help 7 days a week.

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