UK Mortgage Centre: How to Afford Your Mortgage

What to do if you don’t feel like you can afford a mortgage – written by our partners at the UK Mortgage Centre.

Don’t worry. You’re not the only one.

This blog will cover everything you need to know about making your mortgage easier for you. We’ll discuss stretching your affordability, budgeting, speaking to your lender and who to approach for help.

What Are Your Options?

Even for those who already have a mortgage, managing the payments isn’t always easy. If you find yourself struggling with making repayments, remember that you’re not alone on this journey.

Navigating mortgage payments isn’t a one-size-fits-all task; it’s a path that can be tailored to suit your circumstances. There are strategies available to help alleviate the burden and restore financial stability.

Let’s take a look at your options.

What To Do If You Can’t Afford Your Existing Mortgage

1. Talk To Your Lender – Talking to your lender and discussing your current circumstances could provide the most straightforward fix in the quickest time frame. However, we always recommend speaking to an adviser and getting a second opinion about the solution provided.
2. Talk To a Broker – A broker can take a look at your financial situation and analyse your budget and advise on the best way to move forward. Brokers are able to review hundreds of lenders and may be able to find another solution over your current lender.
3. Budgeting – By reviewing your budget, you may be able to pinpoint areas within your spending habits to reduce your outgoings. Your direct debts are a good place to start –you may uncover something that you can cancel or notice you’re overpaying for something in which you can find cheaper elsewhere like your broadband provider.
4. Remortgage – This move could lead to payments that are easier on your wallet, which is especially great if you’re currently under a variable rate agreement. You also have the opportunity to extend your mortgage term, depending on your age and other factors in the mix. This avenue can be explored either with your existing lender or when you opt for a remortgage with a new provider. This may bring the monthly repayments down, although keep in mind that you’ll be paying your mortgage off for a longer period of time.

What Are Your Options If You Can’t Afford a Mortgage for The First Time

How to boost your affordability:

1. Speak To a Broker – Getting support from a skilled adviser means they’ll dive into your complete financial picture. They’ll then show you the best way to set up your application. Once your plan is all set, an expert broker will explore every option out there to match you up with the most suitable mortgage deal for you.
2. Deposit – Having a substantial deposit is definitely a positive factor on your mortgage application. Boosting the size of your deposit can lead to a reduction in the amount you have to borrow, which in turn lowers your monthly repayments. This is a win-win for lenders, particularly if you’re on a modest income, as it enhances the affordability of your mortgage.
3. Credit Score – Having a good credit score is only going to work in your favour. This is one of the main factors lenders look at when deciding if you are reliable and able to repay your loan. Make sure you pay off any credit card debts and correct any errors on your score where you can before you apply.
4. Register To Vote – Lenders find electoral roll data to be super helpful in their identity checks. It’s like a trusty tool they use to make sure you’re really you, living right where you say you are. Plus, it’s part of their way to keep an eye out for any funny business like money laundering. So, when you’re applying for a mortgage, that electoral roll info comes in handy to give them that extra boost of confidence about your identity and location.

Contact An Expert for Help

If you’re ever in any doubt about affording your current or potential mortgage, then it’s worth speaking to an expert mortgage adviser who can help guide you through the process and help find a solution for you.

At UK Mortgage Centre, we provide straightforward mortgage advice that’s easy to understand and with the aim of saving you money.

*UK Mortgage Centre is a Trading Style of The UK Mortgage Centre Group. The UK Mortgage Centre Group is authorised and regulated by the Financial Conduct Authority – FRN 826982. Registered in England & Wales: 11614569.

**As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages. The Financial Conduct Authority does not regulate will writing and taxation and trust advice.

***You may be charged a fee, starting from £345, for our advice given. Your dedicated advisor will discuss this further on your free initial phone call.

This content is for informational purposes only and does not constitute legal, financial or professional advice. The information provided is of a general nature and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances and is not intended to be relied upon by you in making (or refraining from making) any specific decisions. 

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