Can you get a mortgage with a low income?

Can you get a mortgage with a low income?


If you think about how you will be approved for a mortgage with a low income, this page will walk you through what you need to know about it. You can get a mortgage even if you have a lower income.

A low income is defined as that income that is generally less than the national average income. You can also apply for an agreement in principle if you want to check your eligibility for getting a mortgage at a lower income.

 It depends on how much you earn and your income and how much funds you can borrow from the lender. This is because both lenders and you have to make sure that you can make monthly payments.

Factors affecting income with a low mortgage

Income is one of the key factors in deciding whether you can get a mortgage. Several other factors besides lower income are looked over by your lender when he offers you a mortgage.

For example, you can be eligible for getting a mortgage if you have a low income but a big deposit. You can also afford a mortgage by buying it with any other person.

This is because the joint income or payment is considered by your lender, which determines how much you can borrow. Some other factors that affect lenders include:

    • Type or size of home you want to buy
    • Size of deposit
    • Living costs
    • Any extra source of income
    • Credit history

In short, the main thing that matters is whether you can afford all the repayments or not. Your income should not come in the way of buying a mortgage.

How much to earn to get a mortgage

There is no fixed wage you must earn or have if you want to buy a mortgage. Most lenders look at the fact of whether you can afford a mortgage or not.

But some lenders can set terms and conditions which might stop you from getting a mortgage. There are three main factors on which lenders focus:

1. Income: Lenders often determine mortgages based on the source of income as well as yearly wages. For example, pension payments, financial support, your assets, etc.

2. Outgoings: Credit score, credit card payments, and loans determine how much you can borrow. Lenders look at monthly outgoings like travel, food, bills, etc.

3. Repayments: Typically, a mortgage is offered at a fixed rate for a specific time. As a result, lenders might also see that if the interest rates are increasing, you would be able to repay your mortgages.

It is always essential to determine what you can afford. Always remember that several additional costs apply when you buy a mortgage—home insurance, conveyancing fees, legal fees, etc.

How to get a mortgage on low income

You must prove that you can repay payments if you want to but mortgage at a lower income. You must shine your mortgage application so it can approved. The following methods can do this:

  • By increasing your credit score.
  • By reducing your debts.
  • By starting saving money for some more considerable deposits.
  • By reducing some unnecessary expenses or costs.


A lower income should not affect your lender’s approval of a mortgage. You need to prove that you will be able to repay the mortgage. If not alone, you can also get a mortgage in joint with someone else. You can also increase your credit score and save money to get a mortgage with a low income.

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Shivam Sharma

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