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Low Income Mortgage Applications

Independent advice to ensure you put forward a strong mortgage application on a low income - with guidance about support schemes and deposit initiatives that might make your dream home affordable.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2024-07-17
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How To Apply For A Mortgage With Low Income?

Revolution Brokers often hears from applicants who would like to get a mortgage but believe that this isn't possible because they are on a low income.

While it's certainly easier with a substantial salary, there are plenty of mortgage products and lenders who focus on helping people get onto the property ladder.

It is possible to get a mortgage on a low income, and the best chances of success are all about working with an experienced broker who can guide you through the process and source the best products.

For more information about low-income mortgages, contact the Revolution team on 0330 304 3040, or drop us a message at [email protected].

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How Can I Get a Mortgage with a Low Income?

Some lenders have minimum thresholds to consider a new mortgage applicant. That might be around £20,000 per annum - but this isn't the norm.

Typically, a lender will need to see earnings of between £10,000 and £15,000, and there are specialist low-income lenders who will offer support on a lower-income bases. Also, there is an option for An Agreement in principle or AIP where lenders give you an idea of how much you can borrow and it is obligation-free and involves a soft credit check that will not affect your credit score.

The key for a lender is to see that you can repay the monthly mortgage cost, regardless of what you happen to earn per annum. This is calculated through an affordability assessment that considers:

  • Your income sources.
  • How much deposit you have.
  • Your credit report rating.
  • Regular outgoings or other debts.
  • The property you wish to buy.

How Can I Use Other Income Sources to Improve my Low-Income Mortgage Application?

Many people have other income sources and might receive benefits, work freelance, or have other assets.

The attitude towards additional income sources depends on the lender. Some will include benefit income in the affordability assessment, whereas others won't include any benefits.

You might have other assets that can offset the risk of a low income, such as:

Where you have a rental property, you could draw on the equity in the property to offset your new mortgage, reliant on the rental value of the property to determine what mortgage would be offered against it. Contact an estate agent to get an accurate estimation.

Other assets such as pension funds can be leveraged against the mortgage application as security without needing to cash them in. Make sure to take all the necessary bank statements to accurately check your financial circumstances before going for a formal mortgage offer.

What Deposit Do I Need to Get a Mortgage on a Low Income?

As a general rule, the higher the deposit you have, the better. Still, if you are on a low income, likely, you likely won't have a massive deposit available to put down and also pay high mortgage fees.

Many lenders will offer mortgages on a 5% or even zero deposit, but it's essential to consult an experienced broker before agreeing to this sort of deal.

Below you will see a few of the most popular sources of a deposit and what criteria a mortgage lender will apply before accepting the application:

Deposit source

Typical assessment basis

Personal savings

Acceptable by all lenders. Some will ask for evidence about how the balance has accumulated.


Usually acceptable from close family members. Third-party gifts are generally rejected on the grounds of money laundering risk.


Widely accepted.

Property sale proceeds

Often sufficient, provided the same applicant owned the property.

Other asset sales

Good deposit source provided the tracing of funds is clear for anti-money laundering checks.

Borrowing - unsecured

Very rarely acceptable.

Bridging finance

Sometimes permitted, but it can be a costly option.

Gambling proceeds

Depends on the lender. Some will accept it, but less common.

Overseas deposits

Not often accepted due to the difficulty of tracing cash originating from overseas.

Can I Get a Mortgage with Bad Credit and a Low Income?

Having a clean credit rating and no other debts will make it much easier to qualify for a low-income mortgage.

If you do have adverse credit issues or poor credit history and earn a low income, you will have a minimal number of lenders to choose from.

There are specialist bad credit lenders who offer low credit history mortgages or even mortgages for those with a bankruptcy record, but this requires expert advice.

Tread carefully before applying for a bad credit mortgage, as you might be quoted rates and terms that are incredibly high, and so expert support is essential.

Are There Mortgages for People on Minimum Wage?

There are, although the amount you earn and the deposit you have available, will dictate how much you can borrow.

For example, if you work full-time, 37 hours per week, and earn the £8.91 minimum wage (from April 2021), your annual salary will be £17,143. Most lenders offer an average of three or four times your yearly income, so you would be able to get a mortgage of around £51,428 to £68,571.

You could:

  • Apply for a joint mortgage with a friend, family member or partner. Pooling your income will substantially increase the amount you can borrow.
  • Look for lenders who will include other income sources, such as benefits, to increase the maximum you can borrow.
  • Consult a mortgage adviser to identify mortgage lenders with a higher income multiple calculation.
  • Search for repossession properties or auction sales with prices under the average market value.

Are There BTL Mortgages for Low-Income Earners?

A lot depends on the lender. Some have a minimum income cap of £25,000, whereas others have no limit at all.

Some buy to let lenders only consider applications from experienced investment landlords. Others will lend to anybody who is applying to borrow against a viable rental property with suitable returns.

The essential factor is the rent the investment property will generate as a more crucial element than your annual income.

Can I Get Help Finding a Mortgage on a Low Income?

You might be able to find support, whether you are struggling to get onto the property ladder or find yourself unable to keep up with your mortgage repayments due to a change in circumstances.

Some of the support schemes include:

  • Lender support - such as payment holidays, or extensions to your mortgage length, or switching to an interest-only basis short-term to reduce your outgoings.
  • Mortgage rescue schemes - available in Scotland and Wales with your property purchased from you by a social landlord, government agency or housing association and rented back to you at an affordable cost.
  • Mortgage interest support schemes. Repayable government loans are designed to help people on benefits cope with their mortgage or home loans' interest costs.

Expert Help with Low Income UK Mortgages

If you are struggling to find a lender who will offer you a mortgage or need alternative options to avoid falling into mortgage arrears, get in touch with the Revolution Finance Brokers team.

We are independent experts with years of experience negotiating affordable mortgages for people on all sorts of low-income streams. We would be delighted to help you find the borrowing you need at competitive rates.

Give us a call on 0330 304 3040, or drop a message to [email protected] to arrange a good time to talk.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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