Sole Name Mortgage Advice for a Married Applicant

Are you married but wanting a sole name mortgage?

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.

When is a sole name mortgage worthwhile?

Previous credit problems

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.

Borrowing capacity

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.

Tax implications

Stamp duty and other tax implications can mean that it is more worthwhile having a single applicant.

How can we help?

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, who are able to search 1000’s of Mortgage offers, are here to help you 7 days a week.

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