The salary you need to afford the cheapest houses in Swindon

The town is home to some pricey houses and Zoopla estimates that the average price paid for a house here is  £246,536.

However, sometimes you can bag a bargain and there are houses on the market which are much more affordable than this average.

Luckily for you, we have uncovered the cheapest houses for sale in the town- and also calculated the average wage you need to be earning in order to afford them.

It's important to note that there are many factors that impact the cost of a mortgage and lenders assess affordability on a case by case basis- salary isn’t the only deciding factor.

Tom Newcombe, mortgages spokesperson for MoneySuperMarket said: “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 finer things in life.  

The 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 are some of the cheapest houses for sale in Swindon- along with the estimated salary you need in order to buy them.

Fritillary Court
Cost of property: £125,000
Estimated annual mortgage cost:  £5712
Annual salary when mortgage is 30% of total: £19,040

Inside the property (Photo: Zoopla)

Right now, this is one of the most affordable properties on the market in Swindon.

According to our calculations, you need to earn around £19,040 per year in order to pay the bills and still live comfortably here.

It may only have one bedroom, but the property has a lot to offer.

The living room is spacious and the bedroom itself has two fitted wardrobes.

Wayte Street, Moredon
Cost of property: £130,000
Estimated annual mortgage cost: £5940 
Annual salary when mortgage is 30% of total: £19,800

It has an open plan design (Photo: Zoopla)

This one bedroom property is on the market for £130,000.

The coach house is described as “immaculately presented”, with plenty of parking space to the front of the property.

The bedroom is spacious and has an en-suite bathroom.

Downstairs, the kitchen and living room have an open plan design and the kitchen itself is fitted with modern furnishings.

Barnum Court
Cost of property: £137,500
Estimated annual mortgage cost:  £6288
Annual salary when mortgage is 30% of total: £20,960

Barnum Court property (Photo: Zoopla)

On the market for an affordable end terrace house?

According to our calculations, you can comfortably afford this property if you earn around £20,000 per year.

However, this doesn’t take the additional running costs into consideration which Zoopla estimates to be an extra £8448 per year.

This house itself is well-presented with plenty of attractive features.

It has one bedroom, but it is a good size and big enough to accommodate a double bed.

Melksham Close
Cost of property: £140,000
Estimated annual mortgage cost:  £6408
Annual salary when mortgage is 30% of total: £21,360

Melksham Close property (Photo: Zoopla)

This two bedroom property is ideal for small families or landlords searching for an investment property.

It is on the market for £140,000 and is actually £10,000 cheaper than when it was first listed.

Both bedrooms in the property are double and the bathroom has a modern aesthetic.

The garden is a focal point of the property, as it is sizeable and even has a patio area.

Woollaton Close, Grange Park
Cost of property: £145,000
Estimated annual mortgage cost:  £6636
Annual salary when mortgage is 30% of total: £22,120

Inside the home (Photo: Zoopla)

This one bed property might be the most expensive house on this list- but it is still over £100,000 cheaper than the average property in Swindon.

According to our calculations, you need to earn around £22,000 per year in order to pay the bills and still live comfortably in this house.

The property itself has a lot to offer, with a large double bedroom and a kitchen that has recently been fitted.

The living room is an impressive 13ft long and there is a single garage to the rear of the property.