Looking for advice on how to get a mortgage on a low income? You’ve come to the right place. We have the guidance so you can make the right mortgage choices.

Are you ready? How to get a mortgage on a low income.

Things to do before applying for a mortgage:

If you’re wondering whether 2023 is your year to enter the property market, then you’ve come to the right place. Here at Aldridge Mortgages, we understand there is a lot to think about when considering a mortgage, and we wanted to address common misconceptions and provide the answers needed so you can get your foot on the ladder. With unique insights into things to consider when you are planning for a mortgage, this blog post explores some of the frequently asked questions, and gives you the sage advice you need to prepare for a mortgage. With plenty of the year still ahead of us, there are lots of things you can do to get organised as we take an in-depth look at how to get a mortgage on a low income. So, let’s explore what it takes to get approved, and let us help you navigate your journey into preparing for a mortgage.

How is Mortgage Affordability Calculated?

It is important, first and foremost, to consider how you will be assessed in terms of mortgage affordability, so we can make sure we have everything in place when we submit that exciting new application.

Now, you might wonder what is considered to be a low income. The good news, there are no such parameters. The term ‘low income’ is relative and there is no actual solid figure that indicates a person’s income is too low to be approved for a mortgage. There are a number of other things that a lender will consider alongside how much is going into your bank account each and every month.

So, how is mortgage affordability calculated?

Although how much you earn can affect how much a lender may approve to borrow you for your new home, there are plenty of other things for us to consider. Here are a few of those all important things to contemplate when planning for a mortgage:

  • Your Deposit and any other savings
  • Your Credit History Existing credit commitments
  • Income versus Expenditure
  • The type of home you are looking to buy

In the most simple sense, your affordability will boil down to whether or not a lender thinks you will be able to meet payment demands comfortably. It’s important to remember, too, that this is a long term commitment for the lender as it will be for you, so it is imperative that they can be sure that you will be able to meet repayments over the years to come.

The best way for you to ensure you can meet the affordability of a home, is to complete an agreement in principle. We understand that completing your application can at first seem a little daunting, but we are here to help. Let us guide you through the process stress-free.

You can book a free consultation with our experts by engaging with the button below.

What is a mortgage agreement in principle?

If you have read this far, then you might just be ready for taking the first step to owning your own home.

So let’s address the question: What is a mortgage agreement in principle?

This important first step is where we will be able to have a better understanding of what a lender is likely to lend to you, before applying for a mortgage.

This application covers a broad range of questions about your affordability, so it’s important to make sure you have all your information to hand, making sure it is accurate, so we can obtain the most accurate response from our chosen lender.

Are there any other mortgage costs involved?

There are plenty of other things to consider when planning for a mortgage, and it is important we don’t overlook the further costs that could potentially and most likely be involved when you apply for a mortgage:
● Valuation fees
● Application fees
● Conveyancing fees
● Moving costs

Why a mortgage broker is the sensible way to go.

If you are looking to explore the whole market, then a mortgage broker is the best possible avenue for you to get your mortgage affordability calculated. Aldridge Mortgages offers you a foot in the door when it comes to understanding the market, and where the best deals can
be found. Here is why:

1. Save Time

Scouring the market for the best deals is a time consuming ordeal, and made even more complicated when you are struggling to understand the market. We are here to give you your time back, with access to the market, and industry professionals exploring the market for you, we are sure to find you the best deal in a short space of time.

2. Save Money

We are here to make sure you don’t overspend. If you are looking for a way to keep the pennies lining your pockets, then we have the experts that can do that for you. We not only look for the best deal, but take into consideration any further costs, to make sure you find the most suitable lender when preparing for a mortgage.

3. We can find you more products

By navigating your exciting journey into a new home with us, you will have access to a broad range of products. Through our professional network we can find the products that are most effective for you. If you are looking to talk to someone about planning for a mortgage, then we would be happy to support you as you navigate the market. We’re a whole of market broker, so, you can be rest assured we’re not tied to any one particular lender or provider. What this means for you, is that you can depend on us to give you the product that meets your needs, based on your individual circumstances.