Can I get a mortgage by myself?

The thought of buying your first home can be daunting. Especially if you are buying by yourself. A lot of our clients, who are now homeowners didn’t think it would be possible to buy their own home without having some on the mortgage with them. With average house prices in Liverpool now in excess of £200,000 you may be wondering if it is even possible. (Source Rightmove).

We can help get you on the property ladder and answer all the questions about the buying process, costs involved, deposit and how much your mortgage and bills will cost.

How much deposit do I need?

You will need a minimum of 5% deposit. This is 5% of the purchase price of your chosen home and can come from savings, a gift, a loan or even a discounted price from a family member.

How much do I need to earn?

This depends on the size of the mortgage you are looking for. Lenders will also take into account your overall financial situation such as how much-unsecured debt you have, how many children you have and what size deposit you have. As a rule of thumb, lenders will lend up to 4.5x your gross annual income for your mortgage.

So, if you earn £20,000 per year. You could expect to borrow up to £90,000 on a mortgage. Your deposit would then sit on top of this figure to arrive at your maximum purchase price.

Can I get a mortgage on my own with a dependent?

It’s no secret kids cost money, lenders are also aware of this fact and will factor in the cost of dependents into their affordability calculations when assessing what size mortgage you are eligible for. The more kids you have, generally the less they will lend. However, we can counteract the cost of dependents by adding in the extra income you may receive from Child Benefits and Tax Credits. Every mortgage lender is different and that’s where a mortgage broker comes in to place you with the correct lender and maximise your chances of acceptance.

If I meet someone can they go on the mortgage?

Yes, if you wanted to add a partner to the mortgage at a later date there are options to do this.

Other things to consider before getting a mortgage by yourself

The most important thing to consider before getting a mortgage by yourself is can you afford it. A mortgage broker will be able to break down all the costs involved in buying your first home and confirm exactly how much your income will allow you to borrow and what the mortgage payments will look like going forward.

If you are looking for a mortgage broker in Liverpool then get in touch with one of our expert mortgage brokers who will guide you through the house buying process from start to finish.

Check out our helpful First Time Buyer mortgage process here.


0151 459 9826

Mortgage Advice Liverpool, Mortgage Broker Liverpool.