Loanbird wished to find out how a lot you would want to earn to purchase a property, in every metropolis within the UK.

To do that, they took the typical worth of actual property in every metropolis, took a 5 p.c down fee to depart the 95 p.c owed.

They then calculated the month-to-month mortgage funds and the required wage, based mostly on a 25-year mortgage with an rate of interest of 4.5 p.c.

Their analysis relies on an individual shopping for a property on their very own.

Bournemouth was named within the prime 5 of the costliest locations to purchase property within the examine, behind solely London, Cambridge and Oxford.

READ MORE: How the brand new finances impacts the Dorset property market

READ MORE: Martin Lewis points warning to first-time patrons over 5 p.c of mortgages

The typical home worth in Bournemouth is £ 294,800.

In the event you had been to purchase a mean home in Bournemouth with a 95% mortgage, it will be you with £ 280,000 in circulation.

This is able to imply that the month-to-month mortgage funds would quantity to £ 1,556.66.

Loanbird tripled the month-to-month repayments, making certain that this is able to be the quantity wanted to dwell comfortably.

Because of this your month-to-month take house pay as a person needs to be £ 4,669.98.

Make the whole wage wanted for a single grownup to purchase property on the common worth in Bournemouth £ 81,638.64.

A single particular person wants £ 81,638.64 a 12 months to purchase a mid-priced property in Bournemouth (PA picture).

What’s a 95% mortgage?

A 95% mortgage permits you to borrow as much as 95% of the acquisition worth of the property you need to purchase, with the remaining 5% being your deposit.

Having a 5 p.c deposit might provide help to transfer up the property ladder earlier as a result of you have to to avoid wasting lower than a lump sum.

Nevertheless, the bottom mortgage rates of interest are reserved for debtors with giant deposits of round 40 p.c or extra, however there are aggressive offers for patrons who solely have 5 p.c to deposit.

Consumers must also remember {that a} smaller deposit means your alternative of mortgage loans shall be extra restricted.

Decide how a lot you must save

In case you are seeking to the long run and hoping to purchase a property, it’s important that you just decide early on how you have to to avoid wasting and what you’ll be able to afford.

Utilizing a wage calculator can assist you establish how a lot you have to to earn, whereas a mortgage calculator will present you the way a lot you’ll be able to borrow.