The property market remains open for business and so are we here at UK Moneyman.
We are not able to offer client meetings in person but we are able to give advice either over the phone or by video call if you prefer. In fact, our clients seem to prefer doing everything this way now as it is more convenient for them and also more efficient for us because our Advisors are not out and about in their cars all the time.
Estate Agents and Solicitors are also allowed to be open and Surveyors are still allowed to access properties subject to social distancing and the proper PPE.
Consumer demand for new homes and improving existing ones appears to be very high even given the large number of redundancies across the UK, so this is a very positive sign moving forward for the UK economy given all the other gloomy news around.
If you are looking for mortgage advice please do get in touch, we are OPEN and will be happy to help.
More often than not, applicants who are married tend to apply for joint mortgages instead of sole name mortgages. In many cases, this is because two salaries are needed to qualify for larger mortgages.
Having said that, there are situations where one salary is enough to justify the borrowing amount. There may also be a reason why one applicant doesn’t want to go on the application.
It may be smart to not include one applicant for the reason that they have previous credit problems such as bankruptcy or a CCJ which might hamper the chances of being approved for a mortgage. In situations like this, a sole name mortgage could be the right option providing that the spouse or partner is not connected to the issue.
It is worth noting that the person applying would need to be careful to avoid creating a financial association with the other non-applicant if they want to guarantee that their own credit score would remain unaffected by the issue.
When one of the applicants isn’t working, this would be another scenario when it may be worth making a sole named application. As a rule, the maximum borrowing capacity as a couple is lower than if the working applicant took out the mortgage in their sole name.
This is a similar situation when one applicant is older, and the younger applicant is a higher earner. It is possible the younger applicant may be able to borrow more as a sole applicant.
Stamp duty and other tax implications can mean that it is more worthwhile having a single applicant.
Some Lenders are quite strict about married applicants having to apply together. This is most probably because they are concerned that their security in the future could be affected, especially if the couple were to divorce. Luckily not all lenders share this (slightly prejudicial) view.
Our experienced Mortgage Advice Team in Liverpool are able to search 1000’s of mortgage offers for you. This way they can find the perfect one for you that matches your individual circumstances. Get in touch with an amazing Mortgage Advisor in Liverpool today.