What Challenges Do Single First-Time Buyers Face?

December 19, 2022

Getting on the property ladder is difficult enough for most first-time buyers these days, but it can be doubly hard for single people. However, it is certainly possible even if you have a less than ideal credit history.

It’s estimated that about 40% of the UK adult population is either single, divorced, or widowed, according to the Office for National Statistics (ONS). Therefore it’s not uncommon for this group to buy a house on their own. Many people do not feel ready, or are unable to make the commitment of buying a house with someone else.

One of the main obstacles is of course that you don’t have a combined income and savings to boost your buying power, as couples do. However, one person can live more comfortably in a smaller property, such as a one-bed apartment or terraced house, which are at the lower end of the price range, so you need to borrow less.

In some cases, such as single people who are over 40, it can be more of a challenge to get on the property ladder because they have fewer years of working age left. If a single person has a poor credit history, then most lenders will view them with caution, as they represent more risk to them.

However, there are specialist lenders who take a more flexible view of non-standard circumstances. The first step is to contact a mortgage broker who has plenty of experience of dealing with this type of client. They will know which lenders are most likely to accept you, reducing the likelihood of a rejection which could damage your credit score.

The Manchester Evening News reports on the case of Sabiha Khan, who has successfully bought her first house as a single first-time buyer at the age of 37. Sabiha had a County Court Judgement (CCJ) on her file because of an old parking ticket which she didn’t pay when she was between addresses.

However with the help of a specialist mortgage broker, she has now bought a £150,000 house with a deposit of 10%.  When asked for her advice to other single first-time buyers, Sabiha told the publication: “Getting on the property ladder on your own is daunting, especially in my experience with not having the best credit history. But it is still doable.”

She added: “There are mortgage providers out there and specialists who can help, even if your bank says no or aren’t offering you much like mine did. Just save as much as you can and the best thing I can say is don’t be afraid to get your hands dirty yourself because it can save you a lot of money.”

“Getting a decorator can cost £400 to £500 just to paint one room, so it’s definitely worth going on YouTube to teach yourself and looking for inspiration on Instagram and Pinterest to see what other people have done. As a single person it can be hard to get on the property ladder – but it’s not impossible.”

If you would like to talk to a mortgage broker for defaults, please get in touch today.

Your home may be repossessed if you do not keep up with your mortgage repayments.

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