What can stop you from getting a mortgage?

Can your age be a reason for not getting a mortgage?

Yes, this could be a reason. Age can lead to a decline if the mortgage term would run too far into retirement and the lender isn’t confident you have enough retirement income.

Or, perhaps the monthly repayments become too high because the term is shorter to fit with your age. It could just be that your age falls outside that lender’s policy.

Can not having a deposit stop you from getting a mortgage?

Not having a deposit can make it difficult to get a mortgage – because most lenders do require some cash contribution towards the purchase price.

However, a couple of lenders will accept a zero deposit, or a small deposit, subject to meeting certain criteria and more stringent credit checks [information correct at the time of recording in May 2026].

Can having high debt affect your chances of getting a mortgage?

Yes. High debt can impact your chance of getting a mortgage. Lenders consider your debt to income ratio, which is the debt you have compared to what you earn.

High existing debt can reduce the amount you’re able to borrow, or could make approval more difficult.

Can your employment history be a factor in not being able to get a mortgage?

Yes. Employment history can affect whether you qualify for a mortgage, as lenders are looking for stable and reliable income.

The type of employment can also affect the decision – if you’re self-employed, freelance, commission-based or a zero-hour worker, your income is harder to verify, and so lenders may want as long as two years’ history to ensure the income is sustainable and reliable.

Probationary periods can also be an issue with some lenders, as starting a new job can make it harder to establish the income period.

If your income has dropped over time, lenders may reduce how much they’re willing to lend. There’s industry risk as well – where some lenders are cautious with income from seasonal, temporary or highly variable work in certain sectors.

Does it stop you from getting a mortgage if you have a low employment income?

It won’t necessarily stop you getting a mortgage, but it can be harder. Many lenders roughly lend around four to 4.5 times your annual income. This varies from lender to lender and depends on your personal situation.

If you have low income, your application will be strengthened by a good credit history, low monthly debts and stable employment.

If you’re on an application with someone else, or if you have benefits or additional income that lenders will accept, that can improve your chances of a mortgage with low employment income.

What tips can you share on getting a mortgage? What can people do?

A few useful tips are to keep on top of your credit file, pay your bills and credit cards on time, and avoid missed payments and defaults.

Other things that help are to save for a larger deposit and reduce your existing commitments. Avoid applying for a lot of new credit, as this can impact your score, and make sure you’re on the voter’s roll.

Also, speak to your mortgage broker about getting a Decision in Principle. If you can’t get one at that particular time, we’ll guide you in the right direction to achieve that in future.

You’ve demonstrated how a mortgage broker can help – any final thoughts?

We’ve covered a lot, but I do suggest speaking to a mortgage broker here. Tap into our expertise and we’ll guide you in the right direction.

Key Takeaways:

• Mortgage lenders are heavily regulated and focus on assessing your overall affordability, considering many factors beyond just your annual income.
• Key factors affecting approval include your employment history and type, credit history, deposit size, age, debt, monthly commitments, and spending habits.
• While an excellent credit score is helpful, it does not guarantee approval, as lenders use their own internal risk models and underwriting rules in addition to agency scores.
• The stability and type of your employment are critical; non-standard or self-employed workers may need up to two years of history to prove reliable income.
• Practical tips to increase your chances include maintaining a clean credit file, paying bills on time, saving for a larger deposit, reducing existing debt, and speaking with a mortgage broker.
  
  

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.