WITH the UK gradually emerging out of lockdown and Rishi Sunak expected to announce a stamp duty holiday extension, now is a great time to buy a house in Cumbria.

However, getting a mortgage can sometimes be confusing and it can be hard to tell which homes you can afford and which are way over budget.

As well as paying for the mortgage itself, you also have to take running costs and spending money into account too.

However, we have spoken to a property expert who gave some insight into the mind of a mortgage lender.

Tom Newcombe, mortgages spokesperson for MoneySuperMarket said there are many factors that impact the cost of mortgage repayments.

It’s important to note that lenders assess affordability on a case by case basis and salary isn’t the only factor to consider when assessing which properties you can afford.

He explained: “Affordability depends a lot on a customer’s outgoings as well as income, but in general lenders will hardly ever lend above five times your income- for most people, four and a half times will be the limit.”

Tom added that “the general rule is that you shouldn’t spend more than 30% of your monthly income on a mortgage” if you want to pay the bills and still live comfortably- but this does depend on the customer’s circumstance.

Overall, Mr Newcombe explained that you should ”weigh up your personal circumstances only commit to paying what you can comfortably afford.”

How we did the maths

Our estimations are based off the MoneySuperMarket recommendation that your mortgage should only take up 30 per cent of your total annual income- that’s if you still want money for the nicer things in life.  

Our figures are also estimates based on a 2 per cent interest rate, 10 per cent deposit and a 25 year repayment term.

With that being said, here is the estimated salary you will need to afford these Cumbrian homes:

Brougham Street, Penrith
Cost of house:
 £65,000
Estimated annual mortgage cost: £2,964
Annual salary when mortgage is 30% of total: £9,880
Cumberland & Westmorland Gazette: (Photo: Hunters- Penrith)(Photo: Hunters- Penrith)

This is one of the most affordable Penrith homes on Zoopla right now.

According to our calculations, you can earn less than £10,000 per year and still live here comfortably.

The studio apartment boasts a good size lounge and kitchen area.

It’s also in an ideal central location, close to the town and the train station.

Two Lions Square, Penrith New Squares
Cost of house:
 £135,000
Estimated annual mortgage cost: £6168
Annual salary when mortgage is 30% of total: £20,560

Cumberland & Westmorland Gazette: (Photo: Zoopla/ Cumbrian Properties)(Photo: Zoopla/ Cumbrian Properties)

This promising property is said to appeal to a range of buyers- including those hunting for their first house.

Ideally located, the three bedroom home is just minutes away from a range of independent shops , cafes and supermarkets.

According to Plumplot, the average salary in Eden is £32.2 thousand- so the majority of people should have a problem in paying for this home.  

Rampside, Barrow
Cost of house:
 £595,000
Estimated annual mortgage cost:  £27,228
Annual salary when mortgage is 30% of total: £90,760

Cumberland & Westmorland Gazette: (Photo: Zoopla/Corrie and Co LTD)(Photo: Zoopla/Corrie and Co LTD)

Right now, this is one of the most expensive homes for sale in Barrow.

The large farmhouse is said to be full of character, with eight bedrooms and a large garden.

If you’re a fan of modern interiors then this property will be perfect for you.

Best of all, the house is in a rural location and benefits from a picturesque sea view.

However, you will need to have a well-paid job if you want to live here.

According to our calculations, you will need to earn £90,760 in order to comfortably afford this property.

Dane Avenue, Barrow
Cost of house:
 £329,950
Estimated annual mortgage cost:  £15,096
Annual salary when mortgage is 30% of total: £50,320

Cumberland & Westmorland Gazette: (Photo: Zoopla/Corrie and Co LTD)(Photo: Zoopla/Corrie and Co LTD)

This quaint three bedroom home is on the market for £329,950.

According to our calculations, you will need to be earning around £50,000 a year in order to comfortably afford the home.

If you are splitting the bills with your partner, then you can half this figure to around £25,000 per year.

The house is said to be ideal for families as it is a decent size and is close to schools and other local amenities.  

Green Hills, Skelsmergh, Kendal
Cost of house: £435,000
Estimated annual mortgage cost:  £19,908
Annual salary when mortgage is 30% of total: £66,360

Cumberland & Westmorland Gazette: (Photo: Zoopla, H&H Land and Estates) (Photo: Zoopla, H&H Land and Estates) 

Fancy living in a stone built bungalow?

This one could be yours- if you have an annual salary of around £66,000.

The property is much bigger than it first appears, with four double bedrooms- two of which have en suites.

If the cottage itself wasn’t enough, the new owner can also transform the outbuildings into any space which they desire.

Best of all, the new owner of the building can look forward to spectacular views of the surrounding countryside.

Old Hutton, Kendal
Cost of house:
 £1,175,000
Estimated annual mortgage cost:  £53,784
Annual salary when mortgage is 30% of total: £179,280
Cumberland & Westmorland Gazette: (Photo: Zoopla/Rural Scene) (Photo: Zoopla/Rural Scene) 

Have you ever wondered just how much you would need to afford a mortgaged million pound property?

This particular one is on the market for a jaw-dropping £1,175,000- but once you take a look inside, it’s clear to see why it has such a high price point.

The property is situated in approximately 24 acres of land, with equestrian facilities and a newly extended home.

According to our calculations, you will need to be earning around £179,000 per year in order to comfortably live here.