Cumbria is home to some gorgeous and expensive properties-but have you ever considered the annual salary you would need to afford them?
We’ve done the maths and estimated how much you need to earn in order to get a mortgage for some of the million pound houses in the region.
Not only have we worked out the minimum wage needed to afford the house, we have also calculated how much you need to earn in order to live comfortably.
When applying for a mortgage, lenders take a number of things into consideration- including your annual salary.
David Ross, Managing Director at Hometrack, the leading provider of insight and intelligence to the mortgage market, said: "Ultimately lenders will be focused on your creditworthiness and whether you can afford your repayments.
“Generally lenders will lend up to 2.5x your gross annual salary but this can vary depending on a number of factors including the amount borrowed, the size of your deposit, the interest rates available and how long you wish to borrow the money for.”
Mr Ross also added that some “good advice” is to try and keep your mortgage repayments to “less than 28% of your gross monthly income.”
He added: “That way you should have plenty of money left for the essentials or to put away for a rainy day.”
How we did the maths
We worked off the Hometrack recommendation that mortgages should be around 28% of your total annual income
It’s worth noting that the figures for the properties are just estimates based on a 2% interest rate, 10% deposit and a 25 year repayment term.
Each mortgage lender also has different requirements and eligibility tests when deciding who gets a mortgage.
With that being said, here are five of the most expensive homes for sale in Cumbria and the estimated salary you would need to buy them:
Thorny Knowe, Penton, Carlisle
Cost of house: £1,950,000
10% deposit: £195,000
Minimum salary needed: £89, 256
Total salary when mortgage accounts for 28%: £318,771
This is currently one of the most expensive homes in Cumbria and it’s clear to see why.
It has three bedrooms and plenty of land for farming purposes.
However, if you’re going to live here then it’s estimated that your annual salary should be around £318,000.
According to data visualisers, Plumplot, the average salary in Carlisle is around £31,000 per year.
This means it would take the average person from Carlisle nearly three years to earn one year’s minimum mortgage repayments at this property.
Learn more about the property on Zoopla.
Eamont Bridge, Penrith
Cost of house: £1,925,000
Deposit: £192,000
Minimum salary needed: £88,140 per year
Total salary when mortgage accounts for 28%: £314,785 per year
We recently took an in-depth look inside this property.
It has traditional interiors, five spacious bedrooms and it even has a tennis court on site.
However, if you want to get a mortgage on this house and live comfortably you will need to earn around £314,785 per year.
This is the figure after taxes and it doesn’t even account for additional running costs.
If the eye-watering deposit isn’t enough, you will also be required to pay £129,750 stamp duty before you can even move in.
View more statistics about this property on Zoopla.
Horrockwood, Watermillock, Penrith
Cost of house: £1,395,000
Deposit: £139000
Minimum salary needed: £63,876
Total salary when mortgage accounts for 28%: £228,128
This five bedroom property also has a detached barn and 3.5 acres of land to explore.
However, you need to be quite well off in order to live comfortably in this property.
As well as the deposit, you also need to consider the initial cost of stamp duty on this house which is £68,250 if you’re a first time buyer.
Discover more about the property on Zoopla.
Sandwath Farm and Mill, Glassonby, Penrith
Cost of house: £1,250,000
Deposit: £125,000
Minimum salary needed: £57, 216 per year
Total salary when mortgage accounts for 28%: £204,342
This spacious farmhouse has six bedrooms and four bathrooms.
In total, there are over 18 acres of land included in the price- but if you want to be the owner of this property, you need to be earning over £204,000 a year.
This price doesn’t include the added running costs, which Zoopla estimate to be an extra £6624 a year.
View this property listing on Zoopla.
Main Street, Keswick
Cost of house: £1,200,000
Deposit: £120000
Minimum salary needed: £54,924 per year
Total salary when mortgage accounts for 28%: £196,157 per year
This might be the cheapest property on the list but this doesn’t make the mortgage any more affordable.
You still need to be earning an estimated £196,000 per year and afford the costs associated with running the house.
As well as the eye-watering £120,000 deposit, you will also be required to pay a £48,750 stamp duty if you are a first time buyer.
Learn more facts and statistics about this house on Zoopla.
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