Single Person Mortgage: Getting a Mortgage on Your Own

At Premier Mortgage Services our CeMAP qualified advisers Craig and Dana have helped hundreds of single buyers across Nottingham and the East Midlands secure the right mortgage for their circumstances. Our initial advice is always free. Get in touch via our contact form or call us on 0115 9499988 to speak to one of our advisers today.

Can I Get a Mortgage on My Own?

Yes — absolutely. There is no rule that prevents a single person from obtaining a mortgage. The key difference compared to buying with someone else is that your borrowing capacity is assessed against one income rather than two. This affects how much you can borrow, the size and type of property you can realistically afford, and how lenders assess your overall affordability. None of these factors make a single person mortgage impossible — they simply mean that understanding your options and approaching the right lenders is more important than it would be in a joint application.

Not all lenders will lend to all people and the right lender for your specific circumstances depends on your income, employment type, deposit size and credit history. Our advisers will assess all of these factors and identify the most appropriate lenders for your situation before anything is submitted.

How Much Can I Borrow on a Single Income?

Most mainstream lenders will offer between 4 and 4.5 times your annual salary on a single person mortgage. A borrower earning £40,000 per year would therefore typically be able to borrow between £160,000 and £180,000. Some specialist lenders will go higher — up to 5 or 5.5 times income in certain circumstances — depending on your employment type, credit profile and the lender's specific criteria.

In July 2025, financial regulators gave lenders added flexibility to lend more to borrowers, which means it may now be possible to borrow a larger amount than you might have been told in the past. If you have previously been told what you can borrow, it is worth getting a fresh assessment — the market has changed.

Lenders do not simply multiply your salary by a fixed number. They also conduct a detailed affordability assessment covering your monthly outgoings — bills, loan repayments, childcare costs, general living expenses and any other regular financial commitments. The net result of this assessment determines your actual borrowing capacity more accurately than the income multiple alone. Our advisers run these calculations across our panel of over 100 lenders to identify your realistic maximum borrowing before any application is made.

How Much Deposit Do I Need?

The minimum deposit required for a mortgage is 5% of the purchase price — the same whether you are buying alone or with a partner. On a £200,000 property that means a deposit of £10,000. On a £250,000 property it means £12,500.

That said, a larger deposit gives you access to a wider range of mortgage products and typically better interest rates. The average deposit paid by first time buyers in 2024 was £61,090, representing approximately 20% of the purchase price according to Halifax research. First time buyers in London paid an average of £124,688.

For single buyers who find saving a larger deposit difficult on one income, a 5% deposit is a realistic and achievable starting point — and several government schemes are designed to help with exactly this challenge.

Can I Buy with No Deposit?

It may be possible. 100% mortgages — where the lender provides the full purchase price without requiring a deposit — are available from certain lenders, though the criteria are strict and typically require a guarantor or a family member's savings as additional security. Our advisers can explain the options available if a deposit is proving difficult to save.

Government Schemes That Can Help Single Buyers

Several government schemes are specifically designed to make buying more achievable for people who cannot access the full open market on a single income or with a smaller deposit.

Shared Ownership

With the Shared Ownership scheme you purchase a share of a property — typically between 25% and 75% — and pay rent on the remaining share owned by a housing association. Because you are borrowing against a smaller portion of the property's value, you need a smaller mortgage and a smaller deposit. This can make home ownership accessible where it otherwise would not be. There are eligibility criteria to meet and some complexity to the arrangement, but for many single buyers it represents a genuine route onto the property ladder.

First Homes Scheme

The First Homes scheme provides newly built properties to first time buyers at a discount of at least 30% compared to equivalent open market properties. The discount is permanent — it stays with the property every time it is sold, so each successive buyer also benefits. Because you are paying less for the property, you need a smaller mortgage and a smaller deposit, making the scheme particularly relevant for single buyers. Availability of First Homes properties varies by location.

Lifetime ISA

A Lifetime ISA allows anyone aged 18 to 39 to save up to £4,000 per tax year toward a first home or retirement, with the government adding a 25% bonus on contributions — up to £1,000 per year. Over several years of saving, the government bonus makes a meaningful difference to the deposit available. The funds must be used to purchase a first home worth £450,000 or less.

Freedom to Buy Mortgage Guarantee Scheme

Announced in July 2025, the Freedom to Buy scheme is a permanent replacement for the previous Mortgage Guarantee Scheme. It operates behind the scenes between the government and participating lenders — you do not apply for it directly. Its effect is to make 5% deposit mortgages more widely available by reducing the risk to lenders of lending at high loan-to-value ratios. If you have a 5% deposit saved, more lenders will consider your application as a result of this scheme than would otherwise be the case.

Single Person Mortgage Options Beyond Standard Products

If a standard single income mortgage does not give you sufficient borrowing capacity for the property you want to buy, there are several alternative structures worth understanding.

Guarantor Mortgages

A guarantor — typically a parent or close family member — agrees to cover your mortgage repayments if you are unable to do so. Their agreement gives the lender additional security, which can allow you to borrow more than your income alone would support. There are significant implications for the guarantor and the arrangement should be entered into with a full understanding of the risks on both sides.

Joint Borrower Sole Proprietor Mortgages

A Joint Borrower Sole Proprietor (JBSP) mortgage allows a parent or family member to be named on the mortgage — and therefore included in the affordability assessment — without being named on the property deeds. This means their income supports the borrowing without them acquiring an ownership stake in the property. Importantly, because the parent or family member is not on the deeds, the property does not count as a second home for stamp duty purposes, which avoids the 3% stamp duty surcharge that would otherwise apply.

Joint Mortgage with a Parent

Taking out a joint mortgage with a parent means their income is included in the affordability calculation, potentially allowing you to borrow significantly more. The key consideration is that if your parent already owns a property, your purchase will be treated as a second home, attracting the additional stamp duty surcharge. Our advisers will work through the full cost implications with you before any decision is made.

Family Offset Mortgages

With a family offset mortgage, a family member's savings are linked to the mortgage account. The savings balance offsets the mortgage balance for interest calculation purposes — reducing the interest payable on the mortgage without the family member losing access to their savings. This can make monthly repayments more affordable for a single buyer without requiring the family member to gift or transfer the funds.

Common Mistakes to Avoid as a Single Buyer

Not checking your credit file before applying

Lenders conduct a full credit check as part of every mortgage application. If your credit file contains errors, outdated information or adverse entries, these can reduce your borrowing capacity or result in a declined application. Checking your credit report from all three main agencies — Experian, Equifax and TransUnion — before applying gives you the opportunity to resolve any issues first. Our advisers will review your credit position with you as part of the initial conversation.

Underestimating the impact of existing debts

Lenders assess your debt-to-income ratio — the relationship between your monthly debt repayments and your gross monthly income. Outstanding loans, credit card balances, car finance and other regular financial commitments all reduce your effective borrowing capacity. Reducing existing debts before applying can meaningfully improve the amount you are able to borrow.

Not having protection insurance in place

As a single buyer, you alone are responsible for the mortgage repayments. If you were unable to work due to illness, injury or redundancy, there would be no second income to fall back on. Life insurance, income protection and critical illness cover are all worth considering as part of your mortgage planning — particularly when buying on a single income. Our advisers can discuss your protection needs alongside your mortgage requirements.

Applying to the wrong lender

Not all lenders assess single person mortgage applications in the same way. Some are significantly more flexible on income multiples, affordability criteria or specialist employment types than others. Applying directly to a high street bank without first comparing the whole market means you may be declined by a lender that would have approved you, or offered a lower amount than you could have obtained elsewhere. A whole of market broker compares options across the full lender panel before any application is submitted — protecting your credit file from unnecessary declined searches.

How to Get a Single Person Mortgage — Step by Step

1. Understand your borrowing capacity

Before beginning your property search, speak to an independent mortgage adviser to understand how much you can realistically borrow on your income. This gives you a clear budget and prevents you from wasting time viewing properties outside your reach. Our advisers calculate your borrowing capacity across our full lender panel in the initial free consultation.

2. Save your deposit

A minimum of 5% is required. The bigger your deposit the better the mortgage products available to you. Consider a Lifetime ISA if you are eligible — the government bonus of up to £1,000 per year makes it one of the most efficient deposit-saving vehicles available.

3. Gather your documents

You will need your last three months of payslips and most recent P60, three to six months of bank statements, proof of identity and address, and evidence of your deposit and its source. If you are self-employed you will need two to three years of accounts or SA302 tax calculations.

4. Get a mortgage in principle

A mortgage in principle — sometimes called an agreement in principle or decision in principle — is a conditional statement from a lender on how much they would lend based on your income and outgoings. Having a mortgage in principle in place before you begin viewing properties demonstrates to estate agents and vendors that you are a serious, proceedable buyer. Our advisers can arrange this for you.

5. Find a property and make a formal application

Once you have found a property and had an offer accepted, your adviser will manage the full mortgage application on your behalf — liaising with the lender, responding to any queries and keeping you informed at every stage through to formal mortgage offer and completion.

Is It Harder to Get a Mortgage as a Single Person?

It can be more challenging in the sense that your borrowing capacity is limited to one income rather than two, and saving a deposit is harder on a single income. But it is not categorically more difficult from a lender's perspective — lenders assess single person applications every day and many of the most straightforward applications are from single buyers with stable employment, a clean credit history and a clear deposit. The key is ensuring your application is structured correctly and submitted to the right lenders for your circumstances.

Self-Employed Single Person Mortgages

Getting a single person mortgage when self-employed is entirely possible but requires a broker who understands how different lenders assess self-employed income. Most lenders require two years of accounts or SA302 tax calculations. Some will accept one year in certain circumstances. The key is knowing which lenders take the most favourable approach to your specific income structure — sole trader, limited company director, partnership or contractor — before any application is made. Our advisers deal with self-employed mortgage applications regularly and will identify the most appropriate lenders for your situation.

Single Person Mortgages with Bad Credit

Having adverse credit on your file does not automatically prevent you from getting a mortgage. The impact depends on the nature of the adverse entries — a single satisfied default from several years ago is treated very differently from a recent CCJ or active debt management plan. Specialist lenders assess applications from borrowers with adverse credit on a case by case basis. Our advisers will review your credit file honestly, explain what lenders will see and give you a realistic picture of your options before any application is submitted. Not all lenders will lend to all people — which is exactly why independent specialist advice matters.

Costs to Budget for When Buying on Your Own

Beyond the deposit and the mortgage itself, buying a property involves a range of additional costs. As a single buyer all of these fall on you alone, so building them into your budget from the outset is important.

Stamp duty is payable on properties above £125,000 in England and Northern Ireland, though first time buyers benefit from stamp duty relief on properties up to £500,000. Solicitor and conveyancing fees typically range from £1,000 to £1,500. A building survey costs between £400 and £1,500 depending on the type of survey and the property. Mortgage arrangement fees vary by product — some products have no fee, others charge up to £1,000 or more. Removal costs, buildings insurance and any immediate decoration or repair costs should also be factored in. Total buying costs on an average property typically amount to approximately £7,500 to £9,000 before moving costs.

Why Choose Premier Mortgage Services for Your Single Person Mortgage?

Premier Mortgage Services has been providing independent whole of market mortgage advice to buyers across Nottingham and the East Midlands for over 30 years. Our CeMAP qualified advisers Craig and Dana have helped single buyers at every stage of the process — from initial affordability conversations through to formal application and completion.

We are independent brokers with no ties to any lender and no incentive to recommend one product over another. We have access to over 12,000 mortgage products from more than 100 lenders including specialist products not available directly on the high street. As an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority, every recommendation we make meets the highest regulatory standards.

Our initial advice is always completely free and there is no obligation to proceed. Not all lenders will lend to all people — speaking to an independent specialist first gives you the best chance of a successful application and protects your credit file from unnecessary declined searches. Get in touch via our contact form or call us on 0115 9499988 to speak to one of our advisers today.

Frequently Asked Questions — Single Person Mortgages

How much can I borrow on a single person mortgage?

Most lenders offer between 4 and 4.5 times your annual salary. Some specialist lenders will go up to 5 or 5.5 times income depending on your circumstances. An affordability assessment of your outgoings will also be conducted alongside the income multiple calculation. Our advisers will calculate your realistic maximum borrowing across our full lender panel in the initial free consultation.

Do I need a bigger deposit as a single buyer?

No — the minimum deposit is 5% regardless of whether you are buying alone or with a partner. However if your income is not sufficient to borrow the full amount you need, saving a larger deposit reduces the loan required and can make the purchase more achievable.

Can I get a single person mortgage if I am self-employed?

Yes. Most lenders require two years of accounts or SA302 tax calculations. Our advisers know which lenders take the most favourable approach to self-employed income and will identify the right lenders for your specific income structure before any application is submitted.

Can I use a government scheme as a single buyer?

Yes. Shared Ownership, First Homes and the Lifetime ISA are all available to single buyers who meet the eligibility criteria. The Freedom to Buy mortgage guarantee scheme also makes 5% deposit mortgages more widely available. Our advisers will explain which schemes are relevant to your specific situation.

What documents will I need for a single person mortgage application?

You will typically need your last three months of payslips and most recent P60, three to six months of bank statements, proof of identity and address, and evidence of your deposit. If self-employed you will need two to three years of accounts or SA302 tax calculations. Our advisers will provide you with a precise document checklist tailored to your situation.

Is initial advice really free?

Yes. Our initial mortgage consultation is always completely free with no obligation to proceed. Get in touch via our contact form or call us on 0115 9499988 to speak to one of our advisers today.