10/08/2026
š” Thinking of applying for a mortgage? A little preparation can go a long wayā¦
One thing I always tell clients is that mortgage affordability isnāt just about how much you earn.
Lenders will look at the bigger picture, your income, regular commitments, debts, credit history and monthly spending to work out what theyāre comfortable lending you. š
Theyāll also stress test your affordability. In simple terms, they want to be satisfied that the mortgage remains affordable under the assumptions and criteria they apply, rather than looking only at the payment you might make today.
Thatās why, if youāre hoping to apply for a mortgage in the next 3ā6 months, it can really pay to be a little more frugal. š·
You donāt need to stop enjoying life! But itās a good time to take stock of your finances. Cutting back on unnecessary spending, avoiding taking on new credit where possible, keeping overdraft use under control and generally getting your accounts looking healthy can put you in a much better position when itās time to apply. ā
Having worked as a mortgage and protection adviser for over 15 years, Iāve seen how much difference a bit of forward planning can make.
And remember, every lender assesses affordability differently. Not fitting one lenderās criteria doesnāt necessarily mean you canāt get a mortgage, sometimes itās about knowing which lender is the right fit for your circumstances.
If youāre thinking about moving, remortgaging or buying your first home, itās never too early to have a chat. Iām always happy to help you understand where you stand and what you can do to prepare.
- Luke
