Can I get a Second Mortgage without my Spouse?

Are you wondering, ‘Can I get a second mortgage without my spouse?’ You’re not alone. Each month, over 6,900 people visit our website seeking advice on secured loans, just like you.

We know it’s a big step, and you may have lots of questions — we are here to answer them all. In this guide, we’ll cover:

• What a second mortgage is and how it works.
• If a married person can get a mortgage without their spouse.
• The costs and risks of a bad second charge mortgage.
• How to deal with mortgages after a divorce.
• Ways to improve your chances of getting a second mortgage.

Remember, we’re here to help you understand your options. Let’s get started!

Can a married person get a mortgage without their spouse?

The process of applying for and getting a sole mortgage without a spouse or partner is often more complex than applying for a joint mortgage.

One of the main concerns for lenders involves future disputes as to who could be entitled to live in a property when a single name is on the title deed.

As such, it’s best to have a good reason for choosing this route such as when you divorce or separate.

On the other hand, one valid reason why a couple could decide not to apply for a joint mortgage is because one of them has a poor credit rating.

In this instance, only high-interest-rate mortgages or large deposits may be available.

The solution is for the person with a better credit history to apply for a sole mortgage.

What about Joint Borrower Sole Proprietor options?

Some lenders entertain the idea of a ‘joint borrower sole proprietor’ option.

In short, the lender considers an application made by a couple for affordability reasons, but only one person is named on the title deed.

That said, it’s not the best solution for everyone and should be carefully thought through.

The reason is that the person not on the title is liable for the mortgage but has no ownership rights over the property whatsoever.

Getting a second mortgage after a divorce

Getting a divorce is stressful which is compounded by having to change mortgage arrangements.

It can be expensive on top of everything else you’d have to deal with. Plus, the redistribution of assets and income is often challenging especially if the marital home is being sold.

It means finding somewhere new to live. It’s a time when a couple should seek independent advice when it comes to:

• Financial planning
• Tax advice
• Mortgage arrangements

Getting the right expert advice is the safest way to reach a better outcome because there are other options worth considering other than taking out a second mortgage.

The problem is that if you’re on a joint mortgage, lenders may refuse a mortgage application out of hand.

So, what other options are there?

Buying out an ex-partner

You may be in a position to buy out an ex-partner which would allow you full ownership of a marital home.

To do this, you’d need to reach an amicable settlement which is not always an option.

If the property is mortgage-free, you could pay a lump sum to buy an ex-partner out. They would then be removed from the title deeds.

Remortgage in your name solely

If you have a joint mortgage and are in a position to buy out your ex-partner, you’d need to show the lender you can afford to keep up repayments on the mortgage on your own.

In short, the lender would need to carry out an income and expenditure test.

If successful, the lender will agree to remortgage the property solely in your name and pay your ex-partner’s share in the property directly to them.

Their name would then be removed from the title deed.

Apply for a guarantor mortgage

If meeting current mortgage commitments isn’t an option, you could seek a guarantor mortgage.

In short, some lenders consider lending money providing there’s a guarantor.

The guarantor effectively agrees to make repayments on a mortgage when you can’t.

The problem is that guarantor mortgages are not easily come by which is why contacting a broker would be advisable.

Second charge mortgage for all purposes

• Stuck paying high interest on credit card debts & loans?
• Looking to fund a home improvement project?
• Dreaming of finally taking the once-in-a-lifetime trip?

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Can I get 2 mortgages at the same time?

You can have as many mortgages as you want but you’d have to prove you can service them.

Therefore, you’d have to show lenders that you can afford to have two mortgages at the same time. 

The lender will calculate how much you can afford to borrow before agreeing to a second mortgage.

If they find you can’t afford the repayments, your chances of getting another mortgage on top of an existing one are slim.

How can I improve my chances of getting a second mortgage after divorce?

There are things you can do to improve your chances of obtaining a second mortgage after a divorce.

For example:

• Make sure you keep up with repayment obligations
• Keep your mortgage provider appraised of your situation throughout the divorce process

What about credit issues after a divorce?

If your ex-partner has a bad credit rating, it could impact your ability to get a 2^nd mortgage deal with a competitive rate.

To fully separate your finances from those of your ex-partner, I suggest you contact one of the leading credit agencies and request a ‘complete financial dissociation’.

It means your financial connection is removed from your credit file.