Mortgage Affordability
Affordability Myth #2: “If I earn enough, I’ll be fine”
2 minute read
Rana Miah | June 18, 2025 Share
This one trips a lot of people up. You might be thinking, “I’ve got a good salary – surely getting a mortgage should be straightforward?”
But it’s not just about how much you earn.
Why this gets misunderstood
It’s easy to assume that a high income means you’ll sail through the mortgage process. But lenders aren’t just looking at your pay packet – they’re looking at the whole story.
What’s really going on behind the scenes
When you apply for a mortgage, lenders want to know that you can comfortably afford the repayments, now and in the future. So while your salary is definitely part of that, they’ll also check:
- How much debt you’ve got (credit cards, loans, finance plans).
- What your regular outgoings look like.
- How big your deposit is.
- Your credit score and history.
So, someone earning a bit less but with a clean credit record, no debt, and solid savings might be seen as more reliable than someone earning more but juggling lots of repayments.
What should you focus on instead?
Rather than just chasing a higher income or assuming you’re good to go because you earn well, take a step back and look at your whole financial picture.
- Are there any debts you could pay down?
- Could you boost your deposit, even a little?
- Have you checked your credit report recently?
It’s about showing lenders that you’re in control – not just that you’re earning, but that you’re managing your money well.
Mark earns £30,000 but is carrying a fair bit of credit card debt.
Sarah earns £25,000, but she’s debt-free and has saved a strong deposit.
Even though Mark earns more, Sarah might actually be in a better position to get approved, because lenders see her as a safer, lower-risk option.
The takeaway? Your income matters, sure – but it’s not everything. Getting mortgage-ready is about showing the full picture, and the better that picture looks, the more confident a lender will feel saying yes.
Share
