{"id":72717,"date":"2022-05-30T15:53:54","date_gmt":"2022-05-30T15:53:54","guid":{"rendered":"https:\/\/www.templewealth.co.uk\/?p=72717"},"modified":"2022-05-30T15:53:55","modified_gmt":"2022-05-30T15:53:55","slug":"mortgage-affordability","status":"publish","type":"post","link":"https:\/\/www.templewealth.co.uk\/mortgage-affordability\/","title":{"rendered":"How To Improve Your Mortgage Affordability"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"577\" src=\"https:\/\/www.templewealth.co.uk\/wp-content\/uploads\/2022\/05\/house-in-hands-1024x577.jpg\" alt=\"\" class=\"wp-image-72718\"\/><\/figure>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>With house prices still at a high, improving your affordability can be a great way of increasing your chances of securing a mortgage \u2013 especially for first time buyers looking to raise a deposit for their first home. Here, we take a look at the most effective ways you can improve your affordability.<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"has-background\" style=\"background-color:#dfcc8f\">The affordability test that comes with a mortgage application is designed to protect consumers against being sold loans that they are unable to pay \u2013 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.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Cutting costs<\/strong><\/h4>\n\n\n\n<p>One of the more obvious solutions is to cut unnecessary costs. The lower your monthly outgoings, the more you\u2019ll 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\u2019d think. Reducing your outgoings by just \u00a3100 a month by cutting down on eating out and the odd takeaway could add up to \u00a310,000 to your maximum loan. Obviously cutting down on monthly outgoings isn\u2019t a possibility for everyone \u2013 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.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Prepare in advance<\/strong><\/h4>\n\n\n\n<p>Different lenders may require different types of evidence when calculating affordability. Some could ask to see three months\u2019 worth of statements whereas others could ask for six or more. It\u2019s a good idea to prepare for the longer period before applying to make sure each statement you provide will be beneficial to your affordability.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Reduce your debts<\/strong><\/h4>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Student loans are often treated differently by lenders, and you may not have to worry about reducing them before getting on the ladder. However don\u2019t immediately run off to repay those debts without speaking to an adviser first as with some lenders it may not make a difference and you may be better using that money towards a bigger deposit.<\/p>\n\n\n\n<p>If you are worried about how changes to affordability criteria could affect your mortgage application, it\u2019s important to speak to your adviser so they can help to put your mind at ease.<\/p>\n\n\n\n<p class=\"has-text-color has-background\" style=\"background-color:#31302e;color:#9f9162\">If you\u2019d like to discuss the options available to you, contact one of our independent advisers on 01329 282882 or by sending a message to our Facebook or Contact Us page.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><em>Your home maybe repossessed if you do not keep up repayments on your mortgage<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[40],"tags":[105,41],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How To Improve Your Mortgage Affordability - Temple Wealth<\/title>\n<meta name=\"description\" content=\"We take a look at the most effective ways you can improve your affordability, and your chances at securing the best possible mortgage.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.templewealth.co.uk\/mortgage-affordability\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How To Improve Your Mortgage Affordability - 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