The single person's home-buying guide

Mortgage providers calculate how much they will lend based on how much of the mortgage can be paid back each month. It doesn't matter if it's just you buying a house, it's about how much you can realistically afford to pay back each month along with how much you want to borrow. 

In a nationwide survey that we commissioned, it was found that one in three* (32%) believe that they will be able to buy on their own and, in Scotland - 45% are willing to buy on their own. Alternatively, nearly one in 10 (9%) will be buying their first home with friends or family. But, what if you do want to buy alone? Read our guide below to help you get to grips with securing a mortgage via a broker. 

A good way to increase the choice of mortgages available to you on a sole income is to use a mortgage broker who can search a wide range of lenders to tailor a deal to meet your individual needs. 

Senior Mortgage Manager at The Nottingham, Ben Osgood explained having just one income in the mix was only part of the calculation. He said: “It’s down to an affordability assessment on you, your income and outgoings. The lender does take into account reduced costs of living for someone on their own too. If you are paying a mortgage on your own, the key thing is to consider what you would do if you couldn't pay your mortgage. In short, a plan B. When there are two people working they may consider themselves safer if one of their incomes dries up. Do you have savings or would you be able to borrow from the Bank of Mum & Dad? Or, have you considered income protection?”

These are the steps you can expect on your path towards securing a mortgage via a broker:

1. A personal case handler will be assigned to see your application through to completion;
2. They will give the lender all the documents they need to progress the application;
3. The property will be valued;
4. You will get a formal offer of a mortgage, which your case handler will check through;
5. Your solicitor will carry out the necessary searches;
6. A completion date will be arranged to suit you;
7. The lender will send the money to your solicitor on the agreed date;
8. You have a handover period where you arrange key exchange.

You can use our mortgage calculator to quickly work out how much your monthly mortgage payments could be. If you’re interested in speaking to an expert mortgage adviser, you can call Nottingham Mortgage Services on 0344 481 0013 or visit your local branch. Better still, if you have over £500 in a Nottingham Building Society savings account, there's no fee to check what mortgages are available to you! The fee is usually £299. This means you can see how much you could borrow with no obligation.

Remember, your home may be repossessed if you do not keep up repayments on your mortgage.

*653 first-time buyers were interviewed online between October 19th and 25th 2018 by independent research company Consumer Intelligence.


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