Buying a home solo? Expert-led tips on how to secure a mortgage on your own

Buying a home by yourself is rising in popularity as more people realise it's not as difficult to secure a single-person mortgage as you may expect.

By Rob Hollingworth
Thursday, 23rd September 2021, 9:32 am

Are you single and hoping to secure a mortgage? Aas the pandemic caused financial worry for many - and with helping hands such as the Stamp Duty Holiday due to come to an end very soon - the thought of owning a home that is entirely your own may seem like an unattainable dream.

However, with a little saving and sense, it’s actually well within your reach, say experts.

Paul Elliott, head of mortgages at app-based Atom bank, says it’s often commonly assumed that being single can stop you from getting a mortgage approved.

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Buying a house can seem daunting but it can be done solo, say experts

He added: “It’s true, buying your first home by yourself can be a pretty big hill to climb - but it’s nothing you can’t handle. Single homeowners usually don’t tend to opt for large, expensive family homes, so getting onto the property ladder and buying your first, smaller home is an achievable goal.

“If you’ve rented prior to applying for your first mortgage, you’ll know that additional costs such as utilities and council tax are, regrettably, a given. However, monthly rental payments can actually be more expensive than a standard monthly mortgage payment, so you may be surprised to learn that you could potentially save more by buying your home, rather than continuing to rent.

“I suggest that you review all of your outgoings and financial habits before applying, and make sure you have all the relevant information and documents you’ll need to hand. There’s no such thing as being too prepared. ”

Can I get a mortgage on my own if I’m self-employed? Paul says: “Much to many people’s surprise, you don’t actually have to be in salaried employment to be eligible for a mortgage - even if you’re single and relying solely on one income. Lenders still offer mortgages to self-employed people and contractors, although it’s worth noting that many lenders usually need evidence of at least three years of your account history. That being said, some lenders can be flexible with those requirements.

“If you are yet to have filed your income with HMRC, then you must do so before you start your application. I’d suggest pulling out up-to-date accounts or tax returns as a self-employed citizen - detailing all earnings including any salary and dividend payments received.”

Whether you’re single or buying with a partner, the main thing to remember is to be realistic when it comes to borrowing from the bank.

Paul said: “It’s imperative that you consider your personal financial limit and avoid getting carried away with the excitement of buying your first home. I suggest putting some serious time aside to filter through your finances and consider how much you realistically can afford to cover on your own, without stretching yourself too far. Give yourself ample flexibility, consider the what-if’s and be brutal with your budget.”

For more information on mortgages, visit the Atom bank website