What chance do I have of getting a 90% - 95% mortgage?

Posted on 11 September 2012 by Sara

I'm going to be looking at a mortgage in the next year but I'm worried about affordability.

I earn £40,000 p.a and get a bonus every 3 months of around £1500-£2000. I have a company car so I get taxed more than the average person, I take home around £2250 nett and on the third bonus month around £3250. I also get child benefit of £1055 pa (£81.20 every 4 weeks).

My Husband looks after our Daughter, does that mean I have 2 dependants and what difference would this make to how much I can borrow?

My husband also has no credit history (not even a bank account, although he is on the electoral role) as everything is in my name, would it be better to apply for a sole mortgage?

What chance do you think I'd have of getting a 90% or 95% mortgage?


Your chances of getting a 90 - 95% mortgage will not be changed whether you apply for a joint or sole mortgage.  The usual practice would be to have you named as the first applicant, your husband as the second and your daughter as the only dependant.  If you were to apply in your sole name this would restrict the number of lenders willing to consider you and you would also have to declare 2 dependents which could reduce the amount you can borrow.

I think your best way forward is to get your husband to apply for a bank account or even a mobile phone contract and build up his credit history whilst at the same time trying to save a bigger deposit.

You may also want to look at the various Government home ownership schemes at the moment such as FirstBuy: http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/HomeBuyingSchemes/index.htm

I believe we can help you and that you would benefit from speaking to one of our independent mortgage advisers.  Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to give you advice and make a recommendation.


Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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