Mortgage affordability: A comprehensive guide
Mortgage affordability relates to tests carried out by mortgage lenders to ensure prospective borrowers can afford the loan they require to buy a property. It’s an important aspect of the assessments carried out by mortgage lenders, which can lead to a mortgage application approval or rejection.
It’s not as simple as earning more than your projected essential expenses, including, of course, your estimated mortgage repayments. Mortgage affordability is a hot topic among home buyers so we’ve created this comprehensive guide to explain everything you need to know.