Sole Name Mortgage Advice for Married Applicants

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Applying for a sole mortgage when you're married

Looking for a mortgage while a divorce goes through

Mortgage advisors for married applicants

There are many reasons why an individual would apply for a mortgage as a sole name mortgage while married. In some cases, a sole name mortgage might be more appropriate than a joint for a number of the 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. 
 

Above are just a selection of reasons to take out a sole mortgage when you are married. Whatever situation you are in, it’s important to prepare your application to improve your odds of approval. Our Mortgage Advisors in Derby are here to provide a helping hand through the mortgage journey. 

Applying for a sole mortgage when you’re married

If you want to apply for a mortgage as a sole applicant, it’s key to have a strategic approach. The aim is to get you the best deal that is perfect for your circumstances.
 
When you get in touch with Derbymoneyman, our Mortgage Advisors in Derby will need to know why you are wanting to get a mortgage in one name. This is so they can look into other potential opportunities, for example, you may not want to apply for a joint mortgage because your partner has bad credit. However, you may find that there is a chance you can get a joint mortgage even if one applicant has bad credit.

For applicants who are looking to purchase in their sole name due to personal reasons, this might be something lenders will allow. It can be common for lenders to not be comfortable with this arrangement because you are purchasing a marital home for you and your partner. Being permanent residents, lenders do like for both partners to be on the mortgage. This is to prevent any potential conflicts in the future about who can and can not live in the property.

Looking for a mortgage while a divorce goes through

In the unfortunate case where you decide separate from your partner or are going through a divorce, this is where getting a mortgage in one name could be utilised. You may have the option to buy your partner’s share of the property from them meaning you would remove them fully from the mortgage.

If you are in this situation, there are a number of mortgage options to choose from. This is because there are many scenarios when you are going through a divorce or separation. These include you moving out and buying a new home or you might decide to stay put in the current property and buy your partner out. Either way, both would mean you would need to obtain a new mortgage.

As long as both parties are cordial when going through a divorce or separation, the process can be pretty straightforward. A relationship that is causing conflicts can make things challenging. With a large variety of options and variables available, our Mortgage Advisors in Derby can provide you with a more tailored answer about your situation.

You may find that lender will require some evidence of separation so it’s key you have all your paperwork prepared prior to applying with a lender. Our team can look over this before the application stage.

Mortgage advisors for married applicants

If you are married but want to get a mortgage in one name, it can be important to obtain suitable advice prior to applying for a mortgage.

As a married individual applying for a mortgage as a sole applicant will require to obtain specialist Mortgage Advice in Derby. Get in touch with our team today.

Date Last Edited: December 6, 2023