Are you a first-time buyer or looking to get a mortgage on a residential property? If so, you might be unsure where you can get the best deal, especially if you have a deposit that is on the smaller side of things. In this guide, we will bring to you three of the best locations to get a mortgage and make your money go further!
The city of Sunderland is top of the list when it comes to the best city for those taking out a mortgage or first-time buyers. This is due to a number of factors including a quick mortgaging and sale process, and the fact that it would take around seven years to save up for a standard deposit.
Sunderland is in Tyne and Wear, 12 miles from Durham, and 10 miles from Newcastle. It’s home to over 175,000 people and is served by metro, airport, railway station, main roads, buses, and the Port of Sunderland. It has a theatre, is home to big music festivals, and is twinned with Washington DC in the US.
The average property price in Sunderland is around GBP 147,491 for a semi-detached property. A terraced property can be bought in the region of GBP 115,926.
Hull, a city in Yorkshire also offers first time buyers and mortgage owners a great opportunity to get their hands on local property. An average price for semi-detached in Hull starts at GBP 77,500 and buyers need a deposit of around GBP 16,000.
The city is a port city and lies upon the River Hull where it meets the Humber Estuary. It has a population of around 260,000 people and has been the UK City of Culture in 2017. Hull has a University, a museum’s quarter, many art galleries, theatres, and it hosts several festivals. It also has a thriving nightlife with many wine bars, pubs, clubs, and restaurants catering to all tastes.
Bradford is also considered as one of the best places for first-time buyers. Properties here are on average GBP 10,000 less than its neighbours and a terraced house can go for an average of GBP 96,201.
The city is located in West Yorkshire, eight miles from Leeds, and in the foothills of the Pennine mountain range. It has over half a million residents and is the seventh-largest city in the UK. Once an industrial hub, it is now a tourist destination as well and has been a UNESCO City of Film as well as home to many museums, parks, theatres, and concert venues.
Bradford along with the other cities mentioned has been recognised as a prime location for first-time buyers that intend on purchasing with a mortgage. This is due to low property prices meaning it takes less time to save up for a deposit. Of course, the best mortgage deals are found by Trussle who scour the market to compare offerings from different providers in the industry with their free service. For anyone considering Bradford, Hull, or Sunderland as a possible location for your first home, this is a great place to start your research.
The last word
Buying a property is still a necessary and smart move. While prices in the South of England remain high and out of reach for many first time buyers and those who want to get a mortgage, the North has a great selection of cosmopolitan, metropolitan alternatives.