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Published 14 November 2023
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5 minutes

Single Person Mortgages: Getting A Mortgage On Your Own

Getting a mortgage on your own is possible if you can show a lender you’d be able to meet your mortgage repayments and your finances allow.

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Getting a mortgage under a single name is achievable, as long as you can prove to the mortgage lender that you’re able to afford a mortgage on your own. Whether you’re getting a single person mortgage or a joint mortgage with someone else, the same mortgage criteria usually apply. It’s simply a matter of whether your finances stack up. 

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Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

Who can get a mortgage as a single person?

You can get a sole person mortgage as a first-time buyer or if you’re already a homeowner and perhaps separating from your partner. Or you may also prefer to get a mortgage on your own if you’re in a relationship but your partner has a bad credit history, which could negatively impact a joint application. 

Whether you can afford a mortgage takes precedence over your marital status and whether you have anyone you want to borrow jointly with.

» MORE: See current mortgage rates

How much can a single applicant get for a mortgage?

How much lenders will allow you to borrow as a single mortgage applicant will depend largely on your income along with the deposit or the equity you hold in your property. Your spending habits, existing debt, credit history and any other assets you may have are usually important too. But these are the same major factors that apply when lenders assess most mortgage applications. 

It could be more difficult to secure a mortgage as a single person simply because only one income is being put forward to satisfy the affordability requirements as opposed to two if you’re part of a couple. Saving for a deposit may take longer too. 

But equally, the income you earn on your own, and your wider circumstances, may be perfectly conducive to getting a mortgage alone. Applying for a mortgage in principle from a lender before making a formal application will give an idea of whether you may be offered a mortgage, and for how much, usually without affecting your credit score.

» MORE: Calculate how much you can borrow for a mortgage

How to get a mortgage as a single person

You may not feel confident about getting a mortgage on your own, but there are certain steps you can take that will give you the best chance of getting yourself a single person mortgage. 

1. Save and budget

For a single person on a modest salary, a mortgage can seem out of reach, but with a bit of planning, foresight and a small amount of self-denial, it’s certainly possible for a single person to save for a mortgage.

A good place to start is working out how much you can afford to realistically save each month towards a deposit. Remember, the higher the deposit you can put together, the more attractive you are to lenders. With a higher deposit you’ll have a lower loan-to-value (LTV) ratio and should have a larger range of mortgage deals to choose from. 

What’s more, having a higher deposit may give you access to lower mortgage rates and better mortgage deals. 

» MORE: What help can you get with your mortgage deposit?

2. Pay attention to your credit score

Taking out a loan of any description tends to be easier if you have a good credit score. This demonstrates to lenders that you are capable of keeping up with financial commitments.

One way to improve your credit score is to pay off any outstanding debts you have on time. Making more than the minimum repayment required and correcting any mistakes on your credit report can give your credit score a boost too. 

» MORE: Tips for improving your credit score

3. Understand the different types of mortgages

There are many different types of mortgages available and getting the best mortgage that is suitable to you is key. Familiarise yourself with how fixed-rate mortgages work and what tracker mortgages are. Get mortgage advice if you’re unsure of the type of mortgage that will suit you the best. 

» MORE: Do I need a fixed or variable mortgage? 

4. Consider low deposit mortgages

If saving is proving difficult, it is possible to get low deposit mortgages where you may only need a deposit of 5% of your chosen property’s value. You will pay higher rates for a low deposit mortgage, so taking the time to save for a larger mortgage deposit may still prove a better option for you. 

In some instances, you may also be able to get a mortgage with no deposit. However,  these types of mortgages will usually require another person to be responsible for your deposit either by depositing money or securing against their own property. Typically they will need to become a full guarantor of your mortgage and promise to step in to pay should you default on your repayments.

» MORE: Guarantor mortgages

5. Government schemes

Whether you are trying to get a mortgage on your own or not, it is always worth exploring the various schemes offered by the government aimed at supporting people who want to get on the housing ladder. Some of the main initiatives include Shared Ownership, Right to Buy and the First Homes scheme. Or if you’re in the process of saving for a deposit, putting your money into a Lifetime ISA may qualify you for a 25% bonus. 

» MORE: Best mortgage lenders    

Getting advice on single person mortgages

If you’re finding it difficult to find a lender who will offer you a single person mortgage, you may want to consider talking to a mortgage broker. And even if you have already found a mortgage you can take out on your own, getting mortgage advice can offer reassurance that you’re getting a deal suitable for you and your situation. 

You may need to pay for mortgage advice, but advisers may have access to mortgage deals that aren’t available if you approach a lender directly.

» MORE: All about mortgage advice

Dive even deeper

How Much House Can I Afford?

How Much House Can I Afford?

Get an estimate of how much house you can afford using our simple mortgage affordability calculator.

Where is the Cheapest Place to Rent in the UK?

Where is the Cheapest Place to Rent in the UK?

Knowing the cheapest places in the UK to rent can be a good starting point if you’re looking for somewhere affordable to live. Here’s where rents are lowest right now.

What is a Mortgage in Principle?

What is a Mortgage in Principle?

Getting a mortgage in principle can give you an idea of whether a lender will offer you a mortgage and for how much. Having such an agreement doesn’t guarantee you’ll be offered a mortgage when you properly apply, but it can show estate agents and sellers you’re serious about buying.

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