If you’re buying a home on one salary, either as a one-income family or as a single applicant, you might be thinking that your options are limited, but this isn't necessarily the case! Whilst you may need to work harder to get the finances you need in place, with careful planning, you can put yourself in the best possible position to get into your new home.
Here are our top tips on how to get a mortgage with one income.
Clear any debt
A lender will establish your affordability based on several factors, including your committed monthly expenditure. If you can reduce this amount by clearing any debts you currently have, such as an outstanding credit card balance, you'll markedly improve your chances of your mortgage being approved.
Be realistic about your borrowing
We can all get carried away when it comes to buying consumer goods, but when it comes to buying a property, it really is important to make sure you consider your limit and stick to it.
Set some time aside to sit down and go through your finances. Consider how much you can comfortably afford to pay each month without forgetting your other necessary expenses.
A lender will advise you on the maximum amount you can afford to borrow, but this doesn’t mean you actually need to borrow that much. Give yourself some flexibility and be realistic about what you can comfortably afford on your own.