For the first time in 15 years, UK residents are set to be able to buy a house, without a deposit.
The new 100% mortgage will give first time buyers the oportunity to get on the property ladder, and is open to all renters - who may otherwise struggle to buy a home due to high deposits.
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Currently, buyers are required to put down a 5% deposit in order to get the mortgage. With a 100% mortgage, prospective buyers will borrow the entire value of the property they want to buy.
The details of the new mortgage include buyers being able to borrow up to 4.49 times their income, with a maximum total loan of £600,000.
As the new 100% mortgages launch, we’ve taken a look at some of the properties around Liverpool which will be affordable to those with an average Liverpool wage. The average wage in Liverpool in 2023, according to Talent.com, is £32,731.
The properties featured here are around the price bracket of £147,000 - roughly 4.49 times the average Liverpool salary will get you.
- Property type: Three bedroom terraced house.
- Price: £140,000.
- Local amenities: Three train stations located within two miles.
- Property type: One bedroom apartment.
- Price: £150,000.
- Local amenities: City centre location, three train stations located within one mile.
- Property type: Two bedroom bungalow.
- Price: In excess of £145,000.
- Local amenities: Located in a quiet cul de sac and within close proximity to local shops, schools, a retail park and 0.8 miles from Wavertree Technology Park train station.
- Property type: Two bedroom apartment.
- Price: £143,500.
- Local amenities: Two train stations located within one mile, short walk into city centre.
- Property type: Three bedroom terraced house.
- Price: £150,000.
- Local amenities: Located in the heart of Anfield, a a short walk from both Liverpool’s home ground, and Everton’s. Access to local greenspace; Stanley Park, and Breckside Park, as well as three train stations within two miles.