New research into the affordability of mortgages has identified the areas in the UK where it is cheapest to get a mortgage – and three of them are in Lancashire.
Blackpool, Burnley and Preston were all identified in the research, which looked at the average property price, the average cost of a 10% deposit and the monthly mortgage costs compared to the average rental fees. Property purchasers in Blackpool can purchase a property with a 10% deposit and see mortgage repayments 1.7% lower than the average rent for the area. This means that those buying properties in Blackpool can not only get on the property ladder relatively affordably, but can potentially save money on monthly outgoings whilst doing so.
Burnley closely follows Blackpool, with only a small increase in the cost of monthly mortgage payments of 0.3% compared to the cost of renting.
Owning your own property is often the aim for many people. However, as well as the monthly cost of renting vs mortgage instalments, it is also worth considering maintenance and repair costs. In rented accommodation, the cost of many repairs will be the responsibility of the landlord. However, when you make the move into home ownership, all costs associated with looking after your home must be covered by you.
A property that appears to offer good value for money, or is being sold at a ‘discount’ due to its state of repair, could actually be hiding an extensive repair bill. Depending on the nature of repairs needed, this can amount to hundreds or even thousands of pounds. Without extensive knowledge, defects present in a property can be easily missed.
If you’re considering purchasing a property, you should always take the step of having a survey undertaken by a Chartered Surveyor. By being made aware of any issues or defects within the property, you can avoid finding problems after you have completed the purchase. Lea Hough offer a number of options for residential property purchases, including RICS Homebuyer Reports and Building Survey Reports.
To obtain a quote or to speak to a member of our team for advice on a Residential Property Survey, please get in touch.
