How to Check If You Can Really Afford to Buy a Home in the UK
- Vignesh Sivagnanam
- Sep 15, 2025
- 4 min read
Buying your first home, or moving to your next one, is exciting — but it also comes with a big question: can you truly afford it?
Most people type their details into a mortgage calculator, see what the bank says, and leave it there. The problem? That only shows what you can borrow. It doesn’t show whether the move works for your life, your goals, and your budget.
In this blog, I’ll break down what affordability really means, the hidden costs that often get overlooked, and how to check your numbers before you take the plunge.
Why an Affordability Check Matters
Buying a home is one of the biggest financial commitments you’ll ever make. It should feel exciting, but too often people rush in and end up stressed every month.
An affordability check helps you:
Avoid nasty surprises after moving.
Understand the true cost of owning a home.
Protect your lifestyle, so the mortgage doesn’t take over everything else.
The Hidden Costs Beyond Your Deposit
When planning to buy, the deposit gets most of the attention. But it’s only one part of the picture. You’ll also need to budget for:
Stamp Duty Land Tax (SDLT): Depending on the property price, this can run into thousands.
Solicitor and survey fees: Typically £1,000–£2,000.
Moving costs: From removals to storage to endless trips to Ikea.
Furniture and improvements: Even “move-in ready” homes need something.
An emergency fund: Boilers, roofs, and appliances don’t wait until you’re settled.
👉 Tip: These extras can add 5–10% on top of your deposit. Don’t let them derail your plans.
Affordability Is About Lifestyle, Not Just Mortgages
Mortgage calculators don’t ask whether you still want holidays, meals out, or to keep saving for your future. They only show if you can meet the repayments on paper.
When you’re buying, ask yourself:
After paying the mortgage and bills, what’s realistically left each month?
If interest rates rise, can I still manage?
Will I still be able to save for other goals?
True affordability means being able to pay the mortgage and enjoy life, not choosing one or the other.
A Real-Life Example
One client I worked with had mortgage approval and was ready to make an offer. On paper, it looked fine. But when we mapped out her budget properly, the numbers told a different story.
With the mortgage, bills, and moving costs, she would have been left with very little. She decided to wait, save a little more, and aim slightly lower on price.
The outcome? She still bought a home she loves — but with breathing space in her budget and the freedom to live comfortably.
Three Simple Checks Before You Buy
Work out your real monthly budget: Add the proposed mortgage, council tax, and bills to your current spending. What’s left?
Test the “what ifs”: What happens if your mortgage rate rises by 1–2% or bills increase by £200?
Protect your other goals: Make sure you can keep saving for retirement, children, or the things that matter most.
Why Coaching Helps at This Stage
When you’re house-hunting, everyone else is focused on the deal: the estate agent wants the sale, the broker wants the mortgage agreed. Nobody’s role is to step back and ask whether the decision actually works for you.
That’s where money coaching comes in. I help clients look at the whole picture so they can move forward with confidence, not guesswork.
If you’re looking for that clarity, my Insight Session is the best place to start. It’s a standalone, in-depth coaching session where we take your situation, run through the numbers, and create a plan that works for your life and goals.
Frequently Asked Questions
What are the hidden costs of buying a house in the UK?Beyond your deposit, you’ll need to budget for Stamp Duty, solicitor fees, surveys, moving costs, furnishing, and an emergency fund. Together, these can add 5–10% on top of your deposit.
How do I know if I can afford to buy a house? Look at your true monthly budget after the mortgage and bills, test what happens if costs rise, and make sure you can still save for your other goals. If the numbers feel too tight, it may not be the right time.
What’s the difference between a mortgage calculator and an affordability check? A mortgage calculator shows what the bank may lend you. An affordability check looks at your whole financial situation and lifestyle, making sure the purchase fits your life and long-term goals.
Final Thought
Buying a home is exciting, but it can also be stressful if you’re not clear on affordability. By looking beyond the deposit and asking the right questions, you can make sure your next move works for both your finances and your lifestyle.
👉 If you’d like to explore whether this kind of support could help you, book a free Q&A call. It’s the first step to discuss where you are now, what challenges you’re facing, and whether the Insight Session is right for you.
Written by Vignesh Sivagnanam, The UK Money Coach — helping professionals and families feel calm, confident, and in control of their money. Learn more about the Insight Session here.
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