Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

FTBs in Swindon spend 26% of monthly salary on mortgage

Mortgages

Mojo Mortgages’ affordability index looked at house prices, average annual salary and monthly take home pay to work out the most and least affordable places in England

The average monthly mortgage payment for first-time buyers (FTBs) in Swindon is now 26 per cent of the average salary in the town.

This is according to new figures released in line with the launch of the government’s new First Homes scheme.

Online mortgage broker Mojo Mortgages’ affordability index looked at house prices, average annual salary and monthly take home pay to work out the most and least affordable places in England.

First Home properties will be priced at a discount of at least 30 per cent of the original market value to allow more affordable deposits and mortgages with prices being capped at a maximum of £250,000 (£420,000 in Greater London) in the government’s new scheme. However, it’s important to note that this discount will apply to the lifetime of the property meaning that same percentage discount will apply when the home is resold in the future.

Based on the average monthly mortgage payment as a percentage of income, the average monthly mortgage repayment in Swindon now takes up 26.08 per cent of a couple’s take home pay – just below the national average of 27.01 per cent.

This is based on an average property price of £281,736 and an average annual salary of £30,789.

To put this into context, Oxford was the least affordable location for FTBs with the average mortgage repayments making up 49.37 per cent of the average take home salary.

Oxford was followed closely by Bath (47.65 per cent) and London (47.1 per cent).

In contrast, it was Bradford (14.3 per cent) that topped the list ahead of Blackpool (15.94 per cent) and Stoke-on-Trent (17.35 per cent).

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.