Buying a house on your own is a big decision and one that can seem daunting. For many, the thought of having to manage a mortgage by yourself can seem like too much of a responsibility. But you don’t need to worry - with the right preparation and research, it is entirely possible for one person to purchase their own home.

Start by calculating how much you can realistically afford to spend on the mortgage payments each month. Be sure to factor in other expenses such as taxes, insurance, and maintenance costs that could add up over time. It’s also important to consider whether or not you will be able to handle the full cost of a mortgage on your own.

Mortgage deals

Once you’ve determined how much you can afford on your monthly mortgage repayments, it’s time to start shopping around for the best mortgage deals you can find. Consider using a mortgage broker who will research different lenders and compare rates, fees, and loan terms to make sure you’re getting the most out of your investment. Additionally, look into any potential government incentives that could help reduce the cost of your mortgage.

Finally, it’s important to understand what documents you will need to provide for a single-income mortgage application. Most mortgage lenders will require proof of income, as well as proof of employment and a credit report. Be sure you have all these ready before you start the application process.

Mortgage schemes

There are different mortgage schemes available that make getting a mortgage easier for people who have a lower deposit or buying a property in sole name. These schemes are designed to help people get on to the property ladder quicker.

• Shared ownership - this is when you purchase only a percentage of the property and pay rent on the rest, this requires a lower deposit, for more information visit our page here

• Right to buy/right to acquire - this can enable you to purchase your council/rented property, for more information visit our page here

Mortgage broker

Once you have purchased your property, there are additional costs to take into consideration when you are budgeting for the purchase. If you speak to an advisor they may charge you a fee for their services in arranging your mortgage, there may also be an arrangement fee with the mortgage lender, solicitor costs for search fees and the overall payment will also need to be paid at the end of the transaction.

The right mortgage broker will give you the correct mortgage advice that you need and will help you throughout your mortgage journey. They will conduct checks such as how much you can afford on monthly repayments whilst paying other financial commitments that you may have. Joint mortgages are seen as more stable but applying for a mortgage as a single applicant is still possible.

To get your mortgage approved, a stronger application will have no adverse credit issues on its file, as well as little or no credit card debt. Credit checks will be done by every lender to assess your current financial situation and this may also determine the amount of mortgage fees payable.

Single person mortgage applications are always available, the rates will vary as with any mortgage so having a good credit history will always put you in the best position. Also, if you can get a higher deposit amount, more than 5%, it may be worth doing this, as all of these factors will get you access to better rates and mortgage deals.

Other costs to consider are removal costs for your belongings, furniture and decorating your new home. If work needs to be done to the property then this will need to be budgeted for also. You will also need to consider solicitor fees and mortgage costs when purchasing a home.

Overall, buying a home on your own doesn’t have to be a daunting experience. With the right preparation and research, you can find an affordable mortgage and secure the perfect place to call your own.

If you are unsure of how much money you can borrow from the mortgage lender or would like a single person mortgage, contact a mortgage broker at 0151 662 0188 or email [email protected]