Stay ahead of the affordability curve.

High interest rates and the cost of living can make getting a mortgage seem daunting, but there are a few things you can do to make yourself more attractive to lenders. Boost your chances with our four essential tips.

How do lenders decide whether to offer you a mortgage?

Lenders must complete an affordability assessment to confirm your ability to repay your mortgage. These assessments involve a variety of checks that look at your current and predicted financial situation, your credit history and other factors.

The good news is that there are some key actions you can take to increase the likelihood that a lender will offer you a mortgage.

1. Demonstrate stable employment

Lenders like consistency when it comes to your employment history. Most like to see that you’ve been with an employer for at least three to six months prior to your application.

If you’re self-employed, they’ll probably want more evidence of stability. Many lenders ask to see three years of accounts, but some will accept two and a few may even consider you if you only have a year’s worth.

2. Reduce any debts

Lenders assess your outgoings against your income to work out how much you need to afford a basic standard of living and, therefore, how much you have available to make mortgage repayments.

Reducing the amount you owe on credit cards, paying bills on time and minimising the amount and number of loans you have will increase your total available income and boost your chances of passing an affordability assessment.

3. Check your credit report

Lenders check your credit report to get an idea of your financial history. They might reduce the amount they’re prepared to offer you if your credit history is poor, or they could turn you away altogether.

Before you apply for a mortgage, check your credit report for errors, make sure you’re registered to vote at your current address, avoid applying for new credit in the six months leading up to your application and make sure you’re well within any existing credit limits.

4. Get professional advice

You don’t have to tackle affordability assessments alone. A qualified mortgage adviser can explain these tips in greater detail and give you extra guidance specific to your situation. They can help you if you have uneven credit history or if you’re self-employed, and they can work with you to find the right lender and product for your needs.

Set yourself up for affordability success by contacting one of our advisers today.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Lilac Financial is a trading name of Lilac Financial Ltd which is an appointed representative of The Openwork Partnership, a trading style of Openwork Limited which is authorised and regulated by the Financial Conduct Authority.

Approved by The Openwork Partnership on 07/04/2025.

Sources:

https://www.peabodysales.co.uk/blog/how-to-increase-your-mortgage-affordability/