Mortgage eligibility

Lenders will secure your mortgage against your home. So, to be eligible for a mortgage, a lender wants to be confident you can pay back the money you borrow. If you can’t keep up your monthly mortgage payments, you could lose your home.

Different lenders will use different things to decide if they’ll accept you.

These might include:

Your deposit
Credit score
Income
Monthly spending

What affects mortgage eligibility?

While different lenders have different rules, these are the common areas they’ll usually consider:

Can I improve my chances of getting a mortgage?

There’s no sure-fire way to guarantee that you’re accepted for a mortgage. But there are things you can do to help increase your chances.

Have a high deposit or low loan to value (LTV) ratio. The higher your deposit and lower your LTV ratio, the less money you’ll need to borrow. This can make lenders feel more relaxed about your ability to meet your payments.
Build up your credit score. Building up your credit score illustrates that you can meet your repayments and manage your money. This could make companies more willing to lend you money. Learn how to improve your score.
Having a strong financial history. If you have little or no outstanding debts on your record, lenders may see you as a safer borrower.
Get an Agreement in Principle. You can get this before applying for a mortgage in full. Having this is no guarantee, but it’s a good indicator of what you are eligible for.
Buy with a partner. If you’re buying with a friend or partner, how much you can borrow is based on your combined income.

What documents will I need to prove my eligibility?

You’ll have to show proof of who you are and that you can afford your mortgage.

You’ll need:

Proof of identity. This could be your passport, driving licence, bank statements or utility bills. You’ll usually need one letter and one photographic proof of identity.
Proof of income. This will usually be a bank statement or payslip from your employer. If you’re self-employed, you may have to give more evidence. This could include upcoming contracts and at least two years of certified account information. We accept US dollars, Euros, Australian dollars, Indian rupees and Swiss francs when calculating your mortgage affordability.
Proof of spending. Your bank statements will give lenders a view of your spending. This will show whether you can afford your mortgage beside your other outgoings.

You could lose your home if you don’t keep up your mortgage repayments

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