Single applicant mortgages may appear to be more than a little daunting on the face of it. However, in her latest article, Laura Richardson serves to explain how the process for obtaining single applicant mortgages is far easier than it may appear at first . . .

It is a common misconception that it is harder to obtain a mortgage as a single applicant. In fact, the mortgage application acceptance procedures are, for all intents and purposes, identical for single and joint mortgage applications. Follow our top tips to give yourself the best possible chance to be accepted for your single applicant mortgage now.

Financial Overview

First things first, it’s time to compile a full overview of your current finances. You should list all outstanding debts and savings, as well as a list of regular ingoings and outgoings.  This should give you a clear picture of how much you could potentially afford to pay in monthly mortgage repayments for applying for single applicant mortgages. You should also make sure that you leave yourself a financial buffer each month for emergency expenses.

Clear Your Debt

Any outstanding debts will be deducted from the total potential amount that a mortgage lender could offer you so paying off debts could increase the amount of mortgage you can apply for.

Maximise Your Deposit

It is a good idea to look at your potential Loan to Value (LTV) when considering how much deposit you need to save up. You are more likely to be accepted for a mortgage and will also benefit from better mortgage rates if you can put down a larger deposit.

Other Costs

It’s important to budget for other related costs, for example, legal fees and land registry fees, and you may also need to pay a lender’s fee, stamp duty, pre-purchase property surveys and a removal company. You will usually need to pay these on or before the completion of your purchase.

Consider Professional Advice

Applying for single applicant mortgages can be an overwhelming process because there are many different types of mortgages and not all of them will be appropriate for your situation. Furthermore, if you apply for a mortgage and are rejected, this will severely affect your credit rating making it much harder to be accepted for single applicant mortgages in the future.

Andrew Douglas Wills & Legals Services believe that it is always worthwhile seeking professional advice from an experienced mortgage broker such as our trusted partner firm when it comes to single applicant mortgages. Not only will your broker do all of the hard work for you, they will also be able to recommend which mortgage lenders are more likely to accept your applications for single applicant mortgages. Therefore, if you are looking to apply for a single applicant mortgage, call Andrew Douglas Wills & Legal Services today and take your first step towards buying your new home!

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