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Sole Name Mortgage Advice for a Married Applicant in Birmingham

Specialist Mortgage Advice in Birmingham

Generally, married applicants would instead make joint applications than a sole name mortgage, with property price inflation outstripping wage increases over the years. In many cases, lenders prefer first time buyers in Birmingham to have two salaries to be eligible for a sufficiently large mortgage.

However, now and then, situations occur where one salary is sufficient to justify the borrowing amount. Furthermore, there is a backdrop to the reason why one applicant doesn’t want to go on the application.

Previous Credit Problems

The problem could well be that one applicant has had a prior credit score problem such as bankruptcy or a CCJ. Which is preventing them from getting a mortgage at this point.

In that case, provided that the spouse or partner is not linked to that issue. Then the mortgage could go in their sole name.

This individual would need to be cautious to try and avoid creating a financial association with their partner if they want to guarantee that their credit score would remain unaffected by that issue.

Borrowing Capacity

Another example might be where one partner does not work. As a rule, the maximum borrowing capacity as a pair is lower than if the working applicant took out the mortgage in their sole name. This is happening quite a lot!

Age also comes into the calculation sometimes, if you have one applicant aged in their 50’s. For example, buying with a younger partner. Then it’s possible if the younger applicant is a good earner that they could borrow more as a sole applicant.

Tax Implications

It may be that there are stamp duty or other tax implications that would lead to an applicant preferring to apply on their own.

How our Mortgage Advisors in Birmingham can help

Some lenders are quite strict about married applicants having to do the mortgage in joint names most probably because they are concerned that this could in some way affect their security in the future mostly if the couple were to divorce. With this in mind, our experienced specialist mortgage advisors in Birmingham is here to help seven days a week.

Date Last Edited: December 6, 2023

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