Average mortgage in Brighton is more than £200,000 − second only to London

Brighton has the second highest average mortgage in the country
Brighton has the second highest average mortgage in the country

New research has revealed that those buying a home in Brighton have among the largest mortgages in the country.

Price comparison website MoneySuperMarket said London and Brighton are the only cities where house-buyers borrow more than £200,000 on average.

And Brighton has an average interest rate on mortgages of 1.71 per cent, which is the second highest average interest rate in the country behind 1.76 per cent in London.

The UK’s highest average mortgage is in London, where there is an average of £221,086.44 borrowed, with the highest average payment per month of £918.38.

Brighton has an average mortgage borrowed of £205,748.44 with an average monthly mortgage payment of £910.77.

The figures were revealed as MoneySuperMarket said the average Brit only owns 33 per cent of their property when they enter into a mortgage − the equivalent of an average-sized kitchen and bathroom.

Rachel Wait, consumer affairs spokesperson at MoneySuperMarket, said: “It’s increasingly difficult to get on the property ladder, yet we don’t tend to think about what that means in terms of how much of your home you actually own after you’ve spent the time saving for a deposit and going through the buying process.

“While this obviously doesn’t mean that new homeowners are restricted to half a kitchen until they’ve paid off enough of their mortgage, it does raise some interesting questions about the increasing cost of properties and how much you end up paying for a property of the same size, depending on which part of the country you’re living in.

“As always, it’s worth shopping around when taking out a mortgage to ensure you’re getting the best deal possible, and making sure payments are made on time so you don’t face costly late payment fees.”

For more information on how much of your home you own, visit MoneySuperMarket’s housing deficit page for more information and the full study.