View more on these topics

Oldham the cheapest town for first-time buyers

First-time buyers should head for Oldham, where the average monthly mortgage payment once they can raise a deposit is the lowest in England & Wales at £353 a month, shows analysis from shows.

That’s more than £110 a month below the average monthly payment for first-time buyers in England & Wales, according to the independent online mortgage service.

Its analysis looked at average house prices across metropolitan areas of England and Wales as a whole and is based on buyers with a 25% deposit and average best-buy mortgage rates.

While the average mortgage currently stands at £464, found Oldham was the cheapest town for first time buyers. In Oldham the average house costs £91,051 meaning a monthly mortgage of just £353.

Other areas in the North West including Salford, Manchester and Bolton were found to offer excellent value with monthly mortgage payments at £374, £375 and £379 respectively.

London was unsurprisingly the most expensive city with the average monthly mortgage more than three times as expensive as in Oldham, coming in at £1,240.

Solihull was found to be the second most expensive area with repayments of £731. Showing the great variance of prices in the North West, Trafford and Stockport were also expensive areas with monthly mortgage payments of £694 and £549 respectively.

While the average first time buyer has a deposit of 25%**, for those with less saved for their first home purchase, mortgage costs are significantly higher.

With a deposit of 20 per cent, mortgage payments jump by almost £100 a month, coming in at £543 and this situation worsens the more the borrower requires. For those looking to buy with a fifteen and ten per cent deposit, average monthly repayments jump to £601 and £615 respectively.

Francis Ghiloni, commercial director at, says: “First-time buyers in Oldham are paying the lowest monthly mortgage payments at an average of £353, although they still need to get a £22,753 deposit together to secure this rate.  A number of urban areas in the North West offer fantastic value for first-time buyers.

“For those with smaller deposits, monthly mortgage rates increase quickly, potentially adding thousands of pounds a year to the cost of home ownership and this is before increased mortgage fees are factored in. Anyone looking to take a first step onto the property ladder should try and bide their time until they have a sufficient deposit to secure a best-but mortgage.”


MMC is as safe as houses, probably

Last week, we held our regular conference for our surveying team. The primary aim is to further develop surveyor expertise and understanding.

Insurance could be as good as savings

This week the Association of British Insurers released its latest research into how the economic climate is affecting consumer behaviour. Interestingly, despite stories in the consumer media that there is light at the end of the financial tunnel, trust in the economy is down. Nearly a third, 31%, of those asked expect a further deterioration […]


Let’s take fight back to comparison sites

Abbey for Intermediaries hit the headlines after revealing that mortgage brokers are failing to get a slice of £30m of sales commission by ignoring the general insurance market. It highlighted that on average only one in five clients buy buildings or contents insurance when they take out a mortgage with an intermediary. It is a […]


LAST WEEK’S WINNER, JOSEPH LOUGHBOROUGH, LONDON & COUNTRY   “Sadly, the mortgage spin-off of Miami Vice never took off.”

Building long-term relationships

Call us old fashioned, but we want to get to know you personally. That’s why we give you a named case manager and underwriter to look after all your cases from start to finish. Your underwriter will happily give you their number, so you can ring them directly with any questions you have. And your […]


News and expert analysis straight to your inbox

Sign up