Applying for a mortgage if you are single

If you have decided to apply for a mortgage as a single dweller, you may be wondering how the entire process differs from doing so with a spouse or partner. It can be difficult to wrap your head around but by equipping yourself with the right information ahead of time, you can find out everything you need to know about applying for a mortgage if you are single and boost the chances of your application being approved. 

Do your research 

In order to streamline the process of applying for a mortgage as a single person, you must do your research to find out everything you need to know ahead of time and familiarise yourself with a number of common pitfalls to avoid. It may seem like an extremely time-consuming and complex task but by doing your homework beforehand, you can make it easier for yourself. It may also surprise you to know that single mortgage applications are treated no differently by mortgage lenders and are, in actual fact, much more common than you might think with a large percentage of first-time buyers, in particular, opting to purchase their very first home alone as opposed to with a partner or spouse. It may end up taking more time or resulting in a lower deposit than if you were doing so as a couple with multiple income sources, but it is entirely possible. 

Save as much money as you can 

It may sound like an obvious point but if you are applying for a mortgage whilst you are single, you must save as much money as you can to make up for the fact that there will be fewer income sources at play. If you are struggling to save a suitable amount of money for your deposit, it may be possible for your parents or loved ones to contribute a predetermined monetary value but, if they are to do so, it must be officially recorded that a percentage of your deposit has been gifted with a set procedure that must be followed. It may also be worth looking into a number of government schemes or incentives for young or first-time buyers to boost your final deposit amount. 

Seek free financial advice 

It can be difficult to know where to begin when it comes to applying for a mortgage as a single person with a great deal of time, money, effort, and research required before, during, and after. If you have any niggling questions or queries or are just looking for a helping hand to guide you through the entire process from start to finish, however, it may benefit you to seek free financial advice with a wide range of options available to you both online and in-person regardless of how you may need help. 

If you are in the process of applying for a mortgage and are single, get in touch with our team at GDP today to find out everything you need to know as you navigate the entire process from start to finish!