MOST of us have dreamed about living in one the region’s million pound properties- but have you considered the wages you would need to be on in order to make that dream a reality?

We have done the maths and calculated the estimated annual salary you would need in order to get a mortgage on these million pound properties.

Along with the absolute minimum income needed, we have also calculated how much you would need to earn if you wanted to live comfortably and still pay the mortgage.

As expected, the average worker would struggle to afford them and the deposit alone would take years to save for.

How do lenders check if you can afford a mortgage?

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 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 and if they can afford a certain property.

With that being said, here are five of the most expensive homes in County Durham and the estimated salary you would need to buy them:


Mole Hill Farm, Boghouse Lane, Beamish
Cost of house: 
£2,000,000
Deposit: £200,000
Minimum annual salary needed: £91,548
Total annual salary when mortgage accounts for 28%: £326,957

The Northern Echo: This is one of the most expensive homes for sale in the region(Photo: Finest Properties, Zoopla)This is one of the most expensive homes for sale in the region(Photo: Finest Properties, Zoopla)

This four bedroom cottage is currently one of the most expensive house for sale in County Durham.

To get a mortgage on this property, your estimated salary should be around £326,000 a year.

On top of the £200,000 deposit, you would also have to pay stamp duty which is an eye-watering £138,750 if you are a first time buyer.  

Learn more about this property on Zoopla.

Wolsingham
Cost of house:  £1,750,000
Deposit: £175,000
Minimum annual salary needed: £86,472
Total annual salary when mortgage accounts for 28%: £286,071

The Northern Echo: Would you live here? (Photo: Finest Properties, Zoopla)Would you live here? (Photo: Finest Properties, Zoopla)

It’s clear to see why this mansion has such a high price point as it has five bedrooms and its own swimming pool.

However, if you want to live in style you realistically need to be earning £286,000 per year.

This price doesn’t even include additional running costs, which Zoopla estimates to be an extra £6372 per year.

Learn more about this property on Zoopla.

Dilks Street, Bishop Auckland
Cost of house: 
£1,575,000
Deposit: £157500
Minimum annual salary needed: £78,468
Total annual salary when mortgage accounts for 28%: £280,242
The Northern Echo: This modern property is on the market for £1.5m (Photo: Zoopla)This modern property is on the market for £1.5m (Photo: Zoopla) This five bedroom property has its own pool and steam room and is currently on the market for £1.5m.

While it would be great to have your own Badminton court, if you wanted to get a mortgage on the property you need to earn an estimated  £280,000 per year.

You also need to consider the initial costs; as well as a £157 500 deposit, you would also have to shell out £87,750 in stamp duty (as a first time buyer).

Want to learn more information and statistics about this property? Visit Zoopla.

Windlestone Park, Ferryhill, Durham
Cost of house: 
£1,500,000
Deposit: £150,000
Minimum annual salary needed: £68,664
Total annual salary when mortgage accounts for 28%: £245,228

The Northern Echo: Windlestone Park (Photo: Knight Frank, Zoopla)Windlestone Park (Photo: Knight Frank, Zoopla)

To get a mortgage on this six bedroom house, you will need to earn an estimated £245,000 per year.

According to visual statistics website, Plumplot, the average wage for someone in Durham is around £32,000.

This means that to afford the deposit alone, it would take the average worker 4.6  years to save up- and every penny has to be put towards the deposit.   

Discover more about this property on Zoopla.

Durham Mansion
Cost of house: 
£1,300,000
Deposit: £130,000
Minimum annual salary needed: £61,812
Total annual salary when mortgage accounts for 28%: £220,757

The Northern Echo: This Durham Mansion is on the market (Photo: Lincoln Miles Estate, Zoopla)This Durham Mansion is on the market (Photo: Lincoln Miles Estate, Zoopla)

This mansion is on the market for £1.3 million- it has six bedrooms and private gardens.

However, it’s estimated that you need to earn over £220,000 a year in order to live comfortably.

If the average wage for someone in Durham is around £32,000, it would take £1.9 years to afford just one year’s mortgage -and this doesn’t account for all of the other additional costs.

Curious to learn more? Visit Zoopla.