100% mortgages: Five properties which could be affordable based on the average Manchester salary

For the first time in 15 years, people in the UK will soon be able to get a 100% mortgage. This will be a great opportunity for first time buyers to get on the property ladder.

The new mortgage is open to all renters and can be purchased by first time buyers with no deposit. The move will be significant in that it will give first time buyers in particular the chance to get over the first hurdle and onto the property ladder.

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 mortgage will be welcome news to many renters who currently face plenty of issues trying to get a mortgage. Arguably the most notable problem facing renters is the high cost of property, which in turn means that large, often unaffordable deposits are needed.

The details of the new mortgage include buyers being able to borrow up to 4.49 times their income. This will be a maximum total loan of £600,000.

As the new 100% mortgages launch, we’ve taken a look at some of the properties around Manchester which will be affordable to those with an average Manchester salary. The average wage in Manchester in 2023, according to Talent.com, is £37,499.

The properties featured here are around the price bracket of £166,000, which is roughly what the 4.49 times the average Manchester salary will get you. For further information on each of these, visit Zoopla.

Carnoustie Close, Manchester M40

Property type: Three bed semi-detached house

Price: £170,000

Local amenities: Two schools and Moston Train Station located within one mile

Chaplin Close, Salford M6

Property type: Two bed flat

Price: £160,000

Local amenities: Buile Hill Visual Arts College and Holy Family VA RC Primary School within half a mile. Just over a mile away is Salford Crescent Train Station

Franklin Street, Eccles M30

Property type: Three bed terraced house

Price: £170,000

Local amenities: Christ Church CofE Primary School and New Park School are both located less than half a mile away. In this property you would also have two train stations within one mile, these are Patricroft and Eccles (Manchester).

Carrington Road, Stockport, Greater Manchester SK1

Property type: Two bed terraced house

Price: £165,000

Local amenities: St Paul’s Church of England Primary School in Brinnington and Vernon Park Primary School are both less than half a mile away. You’ll also have Stockport and Brinnington train stations just 1.1 miles from you.

Engine Street, Chadderton, Oldham OL9

Property type: Two bed semi-detached house

Price: £160,000

Local amenities: Stanley Road Primary School and Corpus Christi RC Primary School are both very close by. Your nearest train station would be Moston which is 1.4 miles away.