Where are the cheapest places in the UK to have a mortgage?

With interest rates rising for the 14th consecutive time to a 15-year high, starting a mortgage today is more intimidating than ever for many potential borrowers. The latest research from onlinemoneyadvisor looks at where the most affordable mortgages in the UK can currently be found.

Related topics:  Finance,  Property,  mortgages
Property | Reporter
9th August 2023
question 833

To gather the data, the team used a mortgage payment calculator available through the Office for National Statistics. First, to determine the type of property and average mortgage term, the team chose the same options as those used by the ONS in their mortgage data reports; a semi-detached property with a 25-year mortgage term.

Next, the latest Housing Price Index was used to find that the average house price which, as of April 2023, is £286,000. With the average deposit amount being 20% of the property price, the deposit amount used in the calculator was £57,200. Using these parameters, the ten cheapest places in terms of their monthly mortgage payments have been revealed below.

Inverclyde - £474

Inverclyde takes the 10th spot on the list with a monthly mortgage payment of £474. Located in western Scotland, Inverclyde encompasses picturesque landscapes, including rugged coastlines and rolling hills. It also boasts notable attractions such as the historic Newark Castle and the scenic Greenock Cut walkway, making it an appealing choice for homeowners seeking affordability and natural beauty.

Sunderland - £457

With a monthly mortgage payment of £457, Sunderland is the 9th cheapest place to get a mortgage in the UK. Situated on the northeast coast of England, Sunderland offers a rich industrial history and vibrant cultural scene. The city is home to the Sunderland Museum and Winter Gardens, along with beautiful beaches and green spaces, providing a mix of urban living and recreational opportunities.

Hyndburn - £444

Hyndburn ranks 8th on the list, with a monthly mortgage payment of £444. Located in Lancashire, England, the area features charming market towns and scenic countryside. Hyndburn is renowned for the beautiful Haworth Art Gallery and provides easy access to the stunning landscapes of the Ribble Valley, so it's an attractive option for budget-conscious homebuyers who value a relaxed lifestyle.

Middlesbrough - £439

Middlesbrough secures the 7th position with a monthly mortgage payment of £439. Situated in the northeast of England, the town offers a blend of modern amenities and historic landmarks. Middlesbrough is home to the iconic Tees Transporter Bridge and the fascinating Dorman Museum. It also benefits from proximity to the North York Moors National Park, providing opportunities for outdoor adventures.

Burnley - £430

In the 6th spot, Burnley offers a monthly mortgage payment of £430. This Lancashire town boasts a rich industrial heritage and is nestled amidst the scenic Pennine countryside. Burnley is known for Towneley Hall, a stunning historic house set in lush parkland. The town's affordability, combined with its access to nature and history, makes it a great choice for prospective homeowners.

Hartlepool - £416

Hartlepool claims the 5th position with a monthly mortgage payment of £416. Located in County Durham on the northeast coast of England, Hartlepool has a maritime history and is home to the impressive HMS Trincomalee, a restored 19th-century frigate. The town offers a mix of coastal living and modern amenities, attracting budget-conscious homebuyers seeking a distinctive lifestyle.

North Ayrshire - £404

North Ayrshire ranks 4th on the list with a monthly mortgage payment of £404. Situated in southwestern Scotland, the region features beautiful coastlines and picturesque countryside. North Ayrshire includes towns like Largs, known for its Viking history and scenic seafront, making it a wonderful choice for homeowners looking for affordability and coastal charm.

Na h-Eileanan Siar - £400

Taking the 3rd spot is Na h-Eileanan Siar, with a monthly mortgage payment of £400. Located in the Western Isles of Scotland, this region encompasses a group of stunning islands. It offers a unique way of life, with Gaelic culture, traditional crofting, and breathtaking landscapes. If you’re looking for a more remote location, this could be a great option.

East Ayrshire - £399

East Ayrshire secures the 2nd position with a monthly mortgage payment of £399. Situated in southwest Scotland, the area features rolling hills and historical landmarks such as Dean Castle and Country Park. East Ayrshire offers a peaceful rural lifestyle while being within reach of Glasgow's urban amenities, which could be an attractive prospect for budget-conscious homebuyers.

County Durham - £368

Taking the top spot as the cheapest place to get a mortgage in the UK is County Durham, with a monthly mortgage payment of £368. This county in northeast England is known for its rich history, including the majestic Durham Cathedral and the scenic Durham Dales. Offering a mix of heritage, culture, and affordability, County Durham is a fantastic choice for prospective homeowners seeking a rewarding and cost-effective living experience.

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