32% of our clients in the last 12 months have secured a mortgage on property(s) on a single income and nationally one in three people surveyed believed they would be purchasing a property independently (in a survey conducted by Nottingham Building Society), suggesting that it is not only possible to secure a mortgage on a single income but quite common too.
The process for securing a mortgage on a single income is exactly the same for an individual as it is for a couple. It is entirely dependent on affordability. This is where working with a mortgage adviser is helpful as you are able to discuss what is affordable to you and how this can be best presented to the lenders. Working with an adviser also allows you to have a wider range of lenders, our advisers have access to over 100 lenders so can ensure that you have the best deal available to you.
Another aspect to consider when purchasing a property on a single income is whether or not you will need to think about how the mortgage could be paid if you were unable to. In essence, a plan B. A common example of this would be if you were unwell and unable to work for any reason, this is where a conversation around income protection with your adviser would be useful to have.
Income protection cover is designed to provide you with a regular tax-free benefit if you are injured or too ill to work, with the aim of reducing the impact of a loss of income. There are many variables with income protection and your adviser will be able to explain them in more detail during your mortgage process.
To discuss how you can take the first steps towards purchasing a home on your single income, request a call back.