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How can I get a £190,000 mortgage?

  1. Home
  2. Expert Articles
  3. Bad Credit Mortgages

While the housing market tends to see a seasonal downturn when summer comes to an end, the recent lift in UK restrictions post-lockdown has resulted in a mini-boom for the industry.


Looking for a home loan in the realms of £190,000? If you’re taking advantage of this opportunity to purchase a property, whether as a first-time buyer or a buy-to-let investment, then read on.

How do I know if I’m eligible for a £190,000 mortgage?

It’s impossible to know for sure whether you’ll be approved for a £190k home loan; economical factors aside, lenders work to different eligibility criteria when deciding whether or not to approve a mortgage application.


Finding a mortgage tends to be far quicker with the help of a mortgage broker, who can point you in the direction of lenders with the most favourable terms in place to suit your individual circumstances.


A mortgage calculator can be useful if you want a rough estimation of how much you could borrow, but we advise speaking to one of our brokers for an accurate calculation on your chances of being approved for a £190k loan.

How much do I need to earn to get a £190k mortgage?

Your income is one of the first figures lenders will look at when assessing a mortgage application, because how much you earn is a good indicator as to whether you will be able to afford a prospective loan.


The majority of UK lenders cap a mortgage at 4.5x your annual salary, although if you prove to have good overall affordability some may be willing to offer you up to 5.5x, and in exceptional circumstances, 6x your yearly earnings.


Hypothetically speaking, using the 4.5x income multiple as an example, you’d have to earn a minimum of £42,223 a year in order to qualify for a £190,000 mortgage from the majority of lenders - provided you meet additional criteria.


Mortgage providers will also expect you to provide evidence of your income. The standard requirements are three months’ payslips and two years’ P60s for employed workers, or up to three years’ of SA302 forms and a tax overview from HMRC for the self employed.


Can I get a mortgage for £190,000 if I’m self employed?

Contractors or self employed borrowers can be deemed higher risk mortgage applicants due to the unpredictable nature of their income. This is why in some instances, lenders might ask for evidence of upcoming work contracts before reaching a decision.


However, provided you have evidence of a stable income that is sufficient to cover your mortgage repayments and other expenses, there’s no reason you shouldn’t be considered. 


What’s more, there are lenders who specialise in loans for self employed mortgage customers - speak to a broker to find out more.

How does my affordability impact getting a mortgage of £190,000?

Although income is an important factor, lenders will want to be assured that you will be able to afford your monthly repayments. 


When calculating your affordability for a 190k mortgage, lenders will look at your income and savings alongside your outgoings, in order to assess whether you can realistically afford the mortgage alongside any other expenses, such as:


  • Outstanding debt, such as loans, credit cards or car financing.

  • Repairs and maintenance of the property.

  • Household bills.

  • Other outgoings such as travel or child care costs.


Your personal spending habits can also impact your affordability, so bear this in mind before you apply for a mortgage. Speak to a broker if you have more questions surrounding affordability and what this means for your application.

How much deposit will I need to pay for a £190k mortgage?

In very exceptional circumstances, the lowest deposit you can expect to have to pay for a £190,000 mortgage is 5 - 10% of the property’s market value. In the current market, the minimum downpayment tends to be 15 - 20%.


Generally speaking, the more deposit you have, the more favourably you’ll be looked at by lenders, therefore opening you up to a greater choice of providers and more competitive interest rates. 


The following table illustrates the relationship between deposit size and mortgage amount for a property with a market value of £190,000:


Property value

   Deposit size (%)   

Deposit size (GBP)

   Mortgage size   

LTV ratio

£190,000

5%

£9,500

£180,500

95%

£190,000

10%

£19,000

£171,000

90%

£190,000

15%

£27,500

£162,500

85%

£190,000

20%

£38,000

£152,000

80%

£190,000

25%

£47,500

£142,500

75%

Can I get a £190,000 mortgage for BTL property?

Buy-to-let mortgages are typically seen as higher risk loans, because your affordability assessment factors in the borrower's ability to find tenants, and the estimated rental yield. 


As such, BTL mortgages tend to have far higher deposit requirements, with most lenders requesting a very minimum of 25%, and some up to and exceeding 40% deposit (that’s £76,000 for a £190k property).


If you’re considering buying a property as a BTL investment, it’s worth speaking to a broker to discuss your situation before proceeding any further.

What other factors will lenders consider for a 190k mortgage?

While income, affordability and deposit are important factors in determining mortgage eligibility, lenders will also consider at least some, if not all of the following before coming to a decision:


  • Age - older borrowers may be capped on the amount they are allowed to borrow or given shorter mortgage terms.

  • Credit history - depending on the type, some lenders may refuse mortgages to borrowers with bad credit, or require a bigger deposit for security.

  • The amount of debt you have - a high amount of debt can have a big impact on your affordability.

  • Property type - ‘non-standard’ property types can be expensive to repair or maintain, so lenders will factor this into affordability assessments.


Even if you’ve been previously rejected for a £190,000 mortgage it doesn’t necessarily mean that there isn’t a suitable lender out there for you.


That’s because each lender works to different criteria. Some can have very specific requirements, whereas others specialise in certain areas - including mortgages for unique property types, home loans for the over 60s, or first-time buyer mortgages.


Where can I find the best £190k mortgage?

Finding the right mortgage with terms that work for you can be stressful, not to mention time-consuming. You can easily save yourself the hassle by working with a mortgage broker.


Let an industry expert scan the market on your behalf, compare the loans that you’re more likely to be eligible for, and advise you on the most favourable and financially viable options for your circumstances.


Call us or submit an enquiry via our online contact form. 


Managing Director Nicola Schutrups
Bad Credit Mortgages Expert Article by
Nicola Schutrups (Managing Director)
The Mortgage Hut

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