Ā£60,000 income needed to buy a home in 2024?! šµ
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This article from Zoopla shows that a First-time Buyer needs an income of over Ā£60k to buy a home!
Key points:
š¹ The average first-time buyer (FTB) needs an income of Ā£60,600 to buy a home - the equivalent of two average UK salaries
š¹ An existing home owner looking to upsize needs a household income of Ā£72,600 to buy an averagely-priced home
š¹ The required income to buy has increased by Ā£2,400 for FTBs and Ā£3,400 for upsizing home owners over the last year
š¹ It used to be all about the Deposit, not anymore... The household income to finance a mortgage is an equally important factor
š¹ Typically, a bank will lend 3.3 times income - a house with an income of Ā£50k would be able to borrow Ā£165,000
Why are the required incomes to buy so high in 2024? š¤·āāļø
šø The required income to buy has increased by 4% over the last year largely due to higher asking prices and a slight decline in the loan-to-income ratio
šø To adapt to this, buyers would be required to put down a larger deposit to reduce the size of the mortgage
How much can you borrow on a mortgage and how much will your Deposit and repayments be?
Contact Emma (emma.travers@cavendishproperty.co.uk) and she'll put you in touch with a trusted mortgage adviser for all the answers you need š
šø Left to right: Gary, Danielle, Amy, Rosie and Bradley at Cavendish Residential šø
šø LEAD IMAGE: Fully refurbished 5 bedroom stunning family home with super-high energy rating! | Offers In Excess Of Ā£280,000 šø
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