The salary needed to buy West Yorkshire’s expensive homes

We have crunched the numbers and estimated the annual salary you would need to afford a mortgage for the priciest properties.

Along with the minimum income needed, we have also calculated how much you would need to earn in order to live comfortably and still pay the mortgage.

How do lenders check if you can afford a mortgage?

When considering you for a mortgage, lenders take a number of things into consideration- a big aspect of which is your annual salary.

They will assess you incoming and outgoings and will generally lend anywhere between 2.5-4.5 times your annual salary.

David Ross, Managing Director at Hometrack, the leading provider of insight and intelligence to the mortgage market, said: "Ultimately lenders will be focused on your creditworthiness and whether you can afford your repayments.

“Generally lenders will lend up to 2.5x your gross annual salary but this can vary depending on a number of factors including the amount borrowed, the size of your deposit, the interest rates available and how long you wish to borrow the money for.”

Mr Ross also added that some “good advice” is to try and keep your mortgage repayments to “less than 28% of your gross monthly income.”

He added: “That way you should have plenty of money left for the essentials or to put away for a rainy day.”

How we did the maths

We worked off the Hometrack recommendation that mortgages should be 28% of your total annual income

It’s worth noting that the figures for the properties are just estimates based on a 2% interest rate,  10% deposit and a 25 year repayment term.

Each mortgage lender also has different requirements and eligibility tests when deciding who gets a mortgage.

With that being said, here are five of the most expensive homes for sale in West Yorkshire and the estimated salary you would need to buy them.

Buckstone Grange, Cliffe Drive, Rawdon
Cost of house:  £1,950,000
Deposit: £195,000
Minimum annual salary needed: £89,256
Total annual salary when mortgage accounts for 28%: £318,771

Is this your idea of a dream property ?(Photo: Zoopla)

This impressive West Yorkshire home has four bedrooms and “suberb” private gardens.

However, if you wanted to get a mortgage on this house you would have to earn an estimated £318,771 in order to live comfortably.

This doesn’t even account for the additional running costs, which Zoopla estimates will be an extra £5,712 per year.

Find out more on Zoopla.

Hag Farm Road, Burley in Wharfedale, IIkley
Cost of house:  £1,695,000
Deposit: £169,500
Minimum annual salary needed: £77,580
Total annual salary when mortgage accounts for 28%: £277,071

Hag Farm Road property (Photo: Zoopla)

Fancy living in this six bedroom home with a “superb” living kitchen and “spacious” reception rooms?

You can- if you earn over £270,000 a year.

As well as the eye-watering £169,500 deposit, you will also have to pay £102,150 stamp duty.
Learn more about this property on Zoopla.

Kites Nest, Highfield Drive, Rawdon
Cost of house:  £1,500,000
Deposit: £150,000
Minimum annual salary needed: £74,424
Total annual salary when mortgage accounts for 28%: £245,228

Kites Nest property (Photo: Zoopla)

This “exquisite” five bedroom house is the pinnacle of luxury.

It is situated in private grounds and boasts panoramic countryside views.

However, in order to live comfortably it’s estimated that you would need to earn over £245,000   per year.

The house also has estimated running costs of £5760 per year and you will also have to pay £78,750  stamp duty on top of the already expensive 10% deposit.

Learn more about this property on Zoopla.

Tall Pines, Langbar Road, IIkley
Cost of house:  £1,495,000
Deposit: £149, 500
Minimum annual salary needed: £68,424
Total annual salary when mortgage accounts for 28%: £244,371

Tall Pines property (Photo: Zoopla)

Fancy a home with a pool? For £1.4m this home could be yours.

However, it’s estimated that you need to earn over £244,000 a year just to afford the mortgage.

On top of this are the estimated £5532 annual running costs and £78,250.  stamp duty (for first time buyers)

You can find more statistics about this house on Zoopla.

Wilmer Drive, Bradford
Cost of house:  £895,000
Deposit: £ 89500
Minimum annual salary needed: £40,968
Total annual salary when mortgage accounts for 28%: £161,271

Wilmer Drive property (Photo: Zoopla)

This might be the most affordable property on this list, but the mortgage is still to high for the average worker.

According to visual statistics website, Plumplot, the average salary in Bradford is around £29,000 per year.

This means it would take the average worker three  years to save up for the deposit alone- and this figure doesn’t account for any of their personal spends or outgoings.

You can find this property on Zoopla.