If you are a single person and want to own your own property you might be under the impression that you won’t be granted access to a mortgage. It is definitely more difficult to get a mortgage when you are a single person buying a property, but with the correct approach and support from a specialist team (such as our wonderful mortgages team here at Central Mortgages) you can find a mortgage that suits your needs.
There are several factors that will be considered when you put in an application for a mortgage as a single person. Your income is obviously taken into consideration as a factor to how much you can realistically borrow, but there are other factors too. We have access to a network of specialist lenders. In most cases a lender will use a multiple of an applicant’s salary to determine how much they can borrow – whether that is 4x (the most popular use), 5x, or even 6x in some cases.
This is where it becomes clear that it might be more difficult to take out a big loan for a mortgage application, as a joint mortgage application will take into consideration both salaries and the multiplication of those jointly. So, whereas a single salary will get 4x the amount potentially as a mortgage, you could double that by applying with another person.
It is possible to successfully apply for a mortgage as a single person though, and at Central Mortgages we have the experience and network of lenders to help you find the best mortgage for your needs. Contact our team by calling 01277 630 183 or email firstname.lastname@example.org.