For many first-time buyers, one of the most important steps in buying a home is working out how much they can realistically borrow. Affordability isn’t just about your income. Lenders also look at your regular spending, debts, and financial commitments.
Why Affordability Matters
When lenders assess an application, they calculate whether you’ll be able to keep up with your mortgage payments both now and in the future. This process is called an affordability check. It takes into account your salary, any additional income, credit commitments, and living expenses.
Knowing how affordability is assessed can help first-time buyers prepare in advance. For example, reducing debts or avoiding new credit applications before applying can make a difference.
Moving Forward as a First-Time Buyer
Understanding affordability helps you set realistic expectations about what kind of property you can buy and what mortgage options might be available. Taking time to prepare before applying may improve your chances of approval.
At Muuvin Mortgages & Protection, we offer no-obligation calls where you can discuss your circumstances and find out how lenders might view your affordability.
Do lenders only look at my salary?
No, they also consider debts, spending habits, and other financial commitments.
Will having a loan affect my affordability?
Yes, existing debts can reduce the amount you may be able to borrow.
Can I improve my affordability before applying?
Yes, by managing spending and reducing debt where possible.
disclaimer
Your home may be repossessed if you do not keep up repayments on your mortgage.
This article is for general information only and should not be taken as advice. Mortgage applications are subject to status and lender criteria. The information provided is correct as of the date it was posted and may be subject to change without notice.
