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Am I eligible for a mortgage?

How old do I have to be to get a mortgage?

The minimum age to get a mortgage in the UK is 18 years of age.

Is there a maximum age limit for first-time buyers?

Speak to your potential mortgage provider to discover whether they have any specific age criteria in place for their mortgages.

Will my credit rating affect my ability to get a mortgage?

A good credit rating will improve your chances of getting a mortgage; however, it is not the only factor that mortgage lenders will take into account. For instance, a limited credit history can also impact a lender’s decision.

To review your credit rating you can download a copy of your credit file by visiting sites such as Experian or Equifax.

What can I afford?

Historically, mortgage lenders primarily based the amount you were able to borrow on a loan-to-income ratio.

However, most lenders have moved away from using income multiples to determine how much you are able to borrow.

Lenders now carry out a more detailed affordability assessment which looks at your income and outgoings. This ensures that you will only be able to take out a mortgage you can afford.

alert icon Use a mortgage affordability calculator to estimate how much you can afford and may be eligible to borrow according to the measurable criteria.

 

When applying for a mortgage your lender will take into account a number of factors to determine how much you are eligible to borrow, including:

Your current income

  • This is your basic annual income – or your total household income if you are applying for a joint mortgage
  • Any secondary income; for instance, if you are a freelancer or have a second job
  • Money earned through investments or a pension fund
  • Financial support from the government or a former spouse
  • If you are self-employed it will be your net income based upon your tax returns or certified accounts

Your age

  • Younger borrowers may find that outstanding student loans can impact the amount of mortgage lending they are able to acquire towards their mortgage.
  • Mortgage lenders will assess your retirement plans and income to ensure you are able to maintain any future commitments.

Your current outgoings

  • The amount spent on Council Tax, gas, electricity, broadband and any other bills per month
  • Additional loan and credit card repayments you are liable for on a monthly basis
  • Any maintenance payments or fixed payments
  • Lifestyle costs
  • General household expenditure

 

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What should I look out for when viewing properties?

Ready to start viewing some properties? This section will explain what to look for inside and outside the house as well as the local area

Find out what to look out for
Your home may be repossessed if you do not keep up repayments on your mortgage