Buying a home on a lower income can sometimes feel impossible – but it doesn’t have to be. At Rosa Mortgages, we understand the worries and challenges many people face when they don’t have a high salary or large savings.
The good news is that there are plenty of mortgage options designed to help. Whether you’re earning a modest wage, working part-time, or relying on additional income sources such as benefits or tax credits, we’re here to guide you through the process and give you the best chance of success.
A “low income mortgage” isn’t a specific type of mortgage product – it’s a term used for mortgages where affordability is a concern due to income levels. Lenders usually calculate what you can borrow based on a multiple of your annual income, while also factoring in regular expenses, debts, and financial commitments.
Being on a low income doesn’t mean you won’t be able to buy a home. With the right mortgage broker, the right lender, and access to available government schemes, many first-time buyers and home movers on lower incomes successfully secure mortgages every year.
