How to improve your mortgage affordability

With affordability tests being revised in the wake of the cost-of-living crisis currently  happening in the UK, many prospective buyers are looking for ways to improve their chances  at securing the best possible mortgage for them. With house prices still at a high, improving  your affordability can be a great way of increasing your chances of securing a mortgage –  especially for first time buyers looking to raise a deposit for their first home. In this article, we  take a look at the most effective ways you can improve your affordability. 

 The affordability test that comes  with a mortgage application is  designed to protect consumers  against being sold loans that they  are unable to pay – obviously  something that is an essential  part of the process, but also an  added obstacle for some that  are perhaps right on the cusp of  affording the home they want.  With the criteria now set to be  tightened, it may well be time  to look at improving your own  affordability wherever you can.  

Cutting costs

One of the more obvious  solutions is to cut unnecessary  costs. The lower your monthly  outgoings, the more you’ll be  able to afford. Although this  may appear to be stating the  obvious, the impact that making  cutbacks can have may be more  significant than you’d think.  Reducing your outgoings by  just £100 a month by cutting  down on eating out and the  odd takeaway could add up  to £10,000 to your maximum  loan. Obviously cutting down  on monthly outgoings isn’t  a possibility for everyone –  but if you are in a position to  make some sacrifices, it could  really help to improve your  affordability. For those who  may find cutting costs a little  harder, perhaps trying to switch  providers for various services  such as TV packages could result  in you being offered special deals  that can help you save.  

Prepare in advance

Different lenders may require  different types of evidence when  calculating affordability. Some  could ask to see three months’  worth of statements whereas  others could ask for six or more.  It’s a good idea to prepare for the  longer period before applying to  make sure each statement you  provide will be beneficial to your  affordability.  

Reduce your debts

 If you are someone with  outstanding loans, not repaying  them before applying for a  mortgage could affect your  affordability. It may be advisable  to reduce debts where you can  before any mortgage application  in order to have a better chance  at passing an affordability test.  Student loans are often treated  differently by lenders, and you  may not have to worry about  reducing them before getting on  the ladder.  

If you are worried about how  changes to affordability criteria  could affect your mortgage  application, it’s important to  speak to your adviser so they can  help to put your mind at ease. 

 If you’d like to discuss the options available to you, contact your adviser today. 

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