Revealed: How much you need to earn in order to get a mortgage in Norfolk
- Credit: PA
ONS, the Office for National Statistics, has published an interactive housing affordability calculator which allows users to see what level of household income they need in order to get a mortgage on an entry-level property in Norfolk.
The calculator uses assumptions about the size of the deposit, multiples of income that can be borrowed and the associated costs of moving house as well as the cost of stamp duty.
A typical household in England and Wales allegedly requires an annual household income of £26,444 in order to borrow enough for an entry-level property.
For those looking to snap up property in North Norfolk, figures are considerably higher than the national average with prospective buyers needing an annual income of around £54,778 to obtain a mortgage.
Parts of South Norfolk, such as Little Melton, Colney and Bawburgh also require an income that is considerably higher than the average for England and Wales, according to the calculator.
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The area of Norfolk found to require the lowest household income was Great Yarmouth, where only £12,844 a year is needed.
For more information visit ons.gov.uk
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