Can I get a mortgage with a Low Income?

Yes - and here’s how to make it happen.

Buying your first home can feel out of reach when you’re on a tight budget. But getting a mortgage on a low income is possible. With the right planning, tools, and mindset, you can still step onto the property ladder.

 

What Do Mortgage Lenders Look For?

Before applying, it’s important to know what lenders actually care about - and it’s not just your salary. They’ll assess your overall financial health, including:

• Monthly spending: Are you living within your means?

• Existing debts: Credit cards, car loans, student finance

• Credit score: A good credit history builds trust

• Affordability: Can you consistently afford repayments?

Tip: Lenders use affordability calculators. Apps like Klink can help you see how you stack up before you apply.

 

How to Boost Your Mortgage Chances on a Low Income

Even if your income is modest, you can improve your approval odds with smart steps:

• Save a bigger deposit - A 5% deposit is often the minimum, but a 10%+ deposit unlocks better deals.

• Cut unnecessary spending - Reduce outgoings to show you manage money well.

• Improve your credit score - Pay bills on time, reduce debt, and avoid new credit applications.

• Use tools like Klink - Track your spending, build a saving plan, and boost your mortgage readiness.

This is where Klink comes in. It tracks your spending so you can see exactly where your money’s going. It helps you build a realistic plan to cut back and save more.

 

Saving for a House Deposit on a Low Income

Saving a deposit may seem daunting, but small changes can lead to big results:

• Track where your money goes with Klink’s Spending Insights

• Set monthly saving goals you can realistically hit

• Automate savings into a separate account

• Cut back on little luxuries like takeaways or daily coffees

• Hunt for discounts on groceries, bills and transport

• Use a Lifetime ISA to get a 25% government top-up (up to £1,000 a year!)

Klink can help you see the bigger picture, set realistic targets and track your progress. It’s like having a guide to keep you on track.

 

Government Schemes That Support First-Time Buyers

You’re not alone in this. If your income is limited, government home buying schemes can help:

• Shared Ownership - Buy part of the home and rent the rest.

• First Homes Scheme - New-build homes offered to first-time buyers at a discount.

• Lifetime ISA - Save up to £4,000 a year and get a 25% bonus from the government towards your first home.

 

Plan Your Path with Klink’s Home Goal Feature

Buying a home on a budget takes planning. Klink’s Home Goal helps you:

• Set a realistic homeownership target

• Track how close you are to reaching it

• Adjust based on your income and expenses

Think of it as your personalised home buying roadmap - built around your lifestyle.

 

Are You Mortgage-Ready?

Knowing when you’re actually ready to apply for a mortgage isn’t always obvious. That’s where Klink’s Mortgage Readiness Check comes in. It reviews your:

• Income

• Spending patterns

• Credit behaviour

… and shows how lenders might view you - before you even apply.

 

Final Tips for Buying a Home on a Low Income

• Focus on what you can control: spending, saving, credit habits

• Create a timeline that works for your budget, not someone else’s

• Be honest with lenders: Don’t overstretch - it’s better to buy later than to struggle later

 

Let Klink Be Your Guide

No matter your income, Klink is here to help you understand your money, track your spending and plan for the future. That’s how you make a small income go further, one step at a time.

Download Klink today and start building your homeownership journey.