10 ways to maximise your mortgage chances
Here are 10 top tips to help improve your likelihood of being accepted for a competitive mortgage deal
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There are many reasons why you might want to buy a house near where you currently live.
Perhaps it’s the area where you grew up, where your friends and family live, or just somewhere you already think of as home. But as new research from MoneySuperMarket shows, for those living in certain parts of the UK, affording a house in your own area could well be an impossible dream.
Using our mortgage affordability calculator, in combination with ONS and Land Registry data, we were able to work out the average minimum deposit for all local authorities across the UK. That’s the minimum deposit that an average-salaried couple would need to put down to buy an average-priced house in their own area. The size of the deposit is determined by how much the couple could borrow on a mortgage, given what they earn.
The results show just how difficult it can be to buy locally, with deposits reaching as much as £688,772 in Kensington and Chelsea, and £490,737 in Camden* – over 56% of the value of the property. Check out our graphic below to find out the highest average minimum deposit in every region, along with the Top 50 across Great Britain.
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