Sole Name Mortgage Advice for Married Applicants

Several reasons can warrant why someone would apply for a mortgage as a sole name mortgage while married. Sometimes a sole name mortgage can be more suitable than a joint mortgage for one of these reasons below: 

🏠 One applicant has a low income. 
🏠 One applicant is not working.  
🏠 Your partner has poor credit. 
🏠 Your partner already has a residential mortgage.  
🏠 You are using a deposit from your servings. 
🏠 You want to retain certain stamp duty benefits. 
 

These are just some of the reasons to take out a sole mortgage when you are married. In any case, you must prepare your application to improve your odds of approval. Our Mortgage Advisors in Derby are here to guide you through your mortgage application. 

Applying for a sole mortgage when you’re married 

You’ll need to take a tactful approach if you want to apply for a mortgage as a sole applicant. It’s all about getting a great deal to match your circumstances. 

Your reason for getting a mortgage in one name is an essential factor for our mortgage advisors in Derby to understand. For instance, if you don’t wish to apply for a joint mortgage because your partner has bad credit, you may find that you’re able to get a joint mortgage even if one applicant has bad credit. If your partner earns little or no income, there may be lenders willing to place you both on the mortgage.  

On the other hand, if you want to purchase in your sole name for personal reasons, some lenders might be likely to approve of you. Most lenders are not comfortable with this arrangement because you are purchasing a marital home for you and your partner. As permanent residents, lenders prefer both partners to be on the mortgage. To help avoid potential conflicts in the future regarding who can and cannot live in the property. 

Looking for a mortgage while a divorce goes through

If you are separating from your partner or going through a divorce, it makes perfect sense to look for a mortgage in one name while still married. One possibility is to buy your partner’s share of the property from them and in doing so, removing them entirely from the mortgage. 

There are several mortgage options under these circumstances. Furthermore, there can be many different scenarios regarding divorce and separation. You may be moving out and buying an entirely new home, or you may be staying put and buying your partner out. Nevertheless, both situations would warrant a new mortgage. 

Divorce and separation can be straightforward if both parties are amicable. If the relationship has turned sour, it can make things a lot more complicated. As there are so many different options and variables here, consult our advisors who can provide you with a more tailored answer regarding your circumstances. Lenders may ask for evidence of separation, so do have all your paperwork to hand before applying with a lender. Our mortgage advisors in Derby will also check this before the application stage. 

Mortgage advisors for married applicants 

Getting the right advice before applying for a mortgage is very important, especially if you’re married but want to get a mortgage in one name. 

Being married and applying for a mortgage as a sole applicant will need specialist mortgage advice in Derby. As a result, our mortgage advisors’ expertise in derby might be able to help. Make an enquiry to get started today.