City fourth least costly for big home loans

For sale sign outside a house
For sale sign outside a house

While you’d need to make £275,000 a year to buy a detached house in London, earning just £17,000 a year could get you a flat in Londonderry, one of the most affordable places to take out a big home loan in the United Kingdom.

That’s according to insurance website, Gocompare, which has declared Londonderry as the fourth cheapest place in the whole of the UK to take out a mortgage on two key indicators.

Whilst a salary of £17,000 in Londonderry can help you afford a loan on a flat, earning £42,000 can help you afford a loan on a detached house.

Only in Blackburn, Stoke and Blackpool in the case of flats and in Stoke, Hull and Blackpool in the case of detached houses, do salaries go farther.

The insurance comparison site also worked out that the average flat here costs £70,300, the average terraced houses costs £65,000, the average semi-detached house costs £107,000, and the average detached house costs £159,975.