Affordability Checks
Mortgage Affordability Checks Explained
Before a lender offers you a mortgage, they check you can afford it now and if rates go up. Here is what they look at, how they test it, and how to put yourself in the best position.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
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How It Works
Lenders Look at Income and Spending Together
Affordability is about what is left after your regular costs, not just your salary.
- ✓Income: salary, overtime, bonus and other income that can be counted
- ✓Commitments: loans, cards, car finance and student loans
- ✓Living costs: childcare, bills, travel and everyday spending
- ✓Stress test: lenders check you could still pay at a higher rate
How We Help
How to Pass Affordability
Five things to sort first.
Lower Your Commitments
Paying off or reducing debts frees up affordability.
Clean Up Your Statements
Lenders read them, so avoid unnecessary overdraft use and gambling.
Have Your Proof Ready
Payslips, P60s and bank statements.
Check Your Credit
Errors can affect the lender's decision.
Choose the Right Lender
Affordability models vary a lot. We compare them for you.
What Counts
Things That Affect Affordability
Some help and some hold you back.
Common Questions
Affordability Questions, Answered
The things buyers ask us most.
What is a mortgage affordability check?
The lender's check that you can afford the payments now and if rates rise.
What do lenders check for affordability?
Your income, debts, regular spending, dependants and credit history.
Do lenders check bank statements?
Usually yes, for income and spending patterns.
What is a mortgage stress test?
Lenders check you could still afford the payments if interest rates went up.
Can I pass affordability with debts?
Often, yes. It depends on how big the payments are compared to your income.
Why do lenders give different amounts?
Each has its own affordability model. That is why comparing matters.
Related guides
- How much can I borrow?
- What affects mortgage approval
- Mortgage repayment calculator
- Understanding your credit score
- All mortgage questions answered
Written by Tony Flynn, mortgage broker at Tony Flynn Mortgages, helping homebuyers across Lanarkshire and Scotland. This page is general information, not personal advice. Speak to Tony about your own circumstances.
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Want to Know If You Pass?
Fill in the form and we will be in touch within one working day. We will run your numbers through lenders' affordability checks.