Single person mortgages - How to buy a house on your own

Buying a home is a big deal, but doing it solo? That’s a whole different challenge. Without the backup of a second income, it can feel like the odds are stacked against you. Property prices are high, deposits can take years to save up for, and affordability checks can feel like they’re set up for couples. But here’s the thing: buying a house on your own is far from impossible. With the right help - and yes, there’s plenty out there - you can absolutely make it happen!

One of your best allies in your home buying journey will be a skilled mortgage broker. They’re not just there to find you a mortgage; they’re there to make sure you have access to the best mortgage for your unique situation. Whether it’s stretching your affordability, navigating tricky credit, or unlocking schemes designed to help people just like you, a great broker can make all the difference.

The concept of buying a house, the agent offers interest rate contracts on mortgages and home purchases for customers to s...

Why a Broker is essential for solo buyers

If you’re buying a house solo, there’s no room for guesswork. A mortgage broker brings expertise, connections and insights that help you get the most from the market. Here’s why they’re a game-changer for solo buyers:

1. Maximising your affordability

Let’s start with the big one: how much can you borrow? Some lenders offer generous income multiples - up to 6 times your salary in some cases - but not every lender will. For example, Nationwide’s Helping Hand lets first time solo buyers earning £35,000 or more borrow up to six times their income. This product also comes with cashback perks and is available on 5 and 10-year fixed rates up to 95% loan-to-value (LTV).

There are now quite a few lenders that offer “income stretches” above 5 times but eligibility rules are varied and complex, and not all products will suit your situation. This is where brokers work their magic, guiding you to lenders that maximise your borrowing power without pushing you into unaffordable rates or terms.

2. Navigating solo buyer challenges

Buying a house on your own, and therefore on one income, comes with its own set of hurdles, but a broker knows how to clear them. Maybe your credit history isn’t spotless, or your income is a little unconventional. Brokers have the know-how to find solutions that keep you in the running - saving you time, stress, as well as the risk of rejection.

3. Opening up the market

While it’s tempting to stick with well-known high-street lenders, you could be missing out on great offers. Brokers can access deals that aren’t available directly to buyers, and they also work with specialist lenders who cater to unique circumstances, like solo applicants with smaller deposits or flexible income.

Happy young Afro American entrepreneur woman in glasses counting profit, on calculator at laptop computer, analyzing benef...

When a traditional mortgage isn’t enough

For some solo buyers, even the best traditional mortgage might not quite get you over the line. However, that doesn’t mean you’re out of options. Here are some alternatives that could help make homeownership a reality:

1. Shared Ownership

If saving a large deposit feels like climbing Everest, Shared Ownership could be the answer. Shared ownership allows you to buy a share of your ideal home and pay an affordable monthly rent repayment on the remaining part. You decide how much of the home you would like to buy (up to 75% of the purchase price) and will then pay small monthly payments based on the remaining percentage.

2. Joint Borrower, Sole Proprietor (JBSP)

Here’s a clever option for solo buyers who have family or friends willing to help. With JBSP, someone else - like a parent or sibling - can join your mortgage application to boost your affordability, but the property remains solely in your name. Lenders like Barclays, Clydesdale Bank, and Generation Home offer great JBSP products, and a broker can guide you through the process.

3. Buying with friends or family

Some lenders, like Skipton and Principality, let up to four people apply for a single mortgage using all four incomes. Just make sure you get a solicitor to draw up an ownership agreement, as this protects everyone’s interests in case someone wants to sell or move on later.

Millennial Indian girl sit at desk in living room study on laptop making notes, concentrated young woman work on computer...

4. 95% LTV mortgages

If saving for a big deposit is holding you back, 95% LTV mortgages might be the solution when trying to work out how to buy a house on your own.

The Government backed Mortgage Guarantee Scheme helps lenders offer 95% mortgages by backing part of the loan, making them more accessible.

Lenders like Santander, Skipton Building Society, and Leeds Building Society offer 95% mortgage products to first-time buyers, many of which are available for new build homes.

5. 0% deposit mortgages

For solo buyers who are struggling to save for a deposit, Skipton Building Society’s Track Record Mortgage offers a game-changing solution. This 100% mortgage product is designed for renters who have consistently paid their rent on time for at least 12 months, proving their ability to manage monthly housing costs.

The product eliminates the need for a deposit, making homeownership more accessible for those who can afford the monthly payments but have struggled to save a lump sum.

Cheerful and nice couple with people and animal - beautiful culry adult woman with funny dog pug at home using personal co...

6. New build developer cash incentives

Many new-build developers, including Avant Homes, offer great incentives to help buyers get onto the ladder. These can include deposit and mortgage contributions, stamp duty paid, or even covering legal fees on selected plots. If you’re considering a new build home, it’s worth asking your Sales Advisor what’s available because an extra top up to your deposit might give you access to better mortgage options.

What about buying a house after a divorce?

If you’ve been divorced for some time and are trying to get back on the property ladder as a solo buyer, there’s a chance you could be treated as a first time buyer by lenders.

While the definition of a first time buyer is someone who has never owned or held a financial interest in a residential property or area of land within the UK or anywhere else in the world, some lenders are still happy to provide access to first time buyer products or incentives in certain scenarios.

For example, if you previously owned a home with a partner, but are no longer a homeowner due to a divorce or a separation, lenders may treat you as a first time buyer if you have not owned a property within the last 3 years.

Of course, this will depend entirely on the lender, which is why getting in touch with a broker could be the perfect way to unlock benefits when looking into buying a house after a divorce.

However, it’s worth noting that even if lenders are happy to offer you first time buyer incentives, you won’t be a first time buyer in the eyes of the government, meaning you won’t be eligible for any stamp duty land tax exemptions.

Buying a house on your own can be daunting. There’s a lot of jargon around mortgages and home buying that can make it all very confusing. So why not check out our Jargon Buster blog to help you understand some of the common terminology.

And if you want to find out more about the steps of buying a new build home, we have a dedicated guide on the entire buying process.

Written by - Oliver Peace from James Leighton Financial Services