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A 60-minute commute into manchester can save you 60% in your house price – but does living further out always mean you’ll create a saving?<\/strong> <\/strong><\/p>\n Exclusive data provided to Which? Money by Lloyds Bank reveals the least expensive and most expensive London commuter towns, factoring within the cost of commuting.<\/p>\n On average, commuters traveling an hour into London pay close to lb500,000 less for any property compared to the capital. Chatham, 60 minutes away from central London, is the town with the cheapest house prices.<\/p>\n Here, we demonstrate enabling you to bag a bargain if you’re looking to move out of the city.<\/p>\n And, because of the nightmares people are experiencing around the UK’s train services, we’ve published our exclusive client satisfaction scores for the train companies you could be using, combined with the cost of season tickets and Travelcards, to understand what the financial cost is apt to be.<\/p>\n <\/p>\n London is definitely a notoriously expensive area to buy property, especially for first-time buyers, with a few areas requiring an eye-watering 40.7 times the average annual salary to secure a mortgage.<\/p>\n Understandably a lot of prospective homebuyers, took to moving out of the main city to buy an inexpensive home.<\/p>\n The average property price in travel zones one and two in London is a stunning lb808,434, new data from Lloyds Bank shows.<\/p>\n Towns which are a 60-minute commute away from the centre, however, have an average house cost of lb325,091, which fits out to lb483,342 cheaper.<\/p>\n The figures also reveal that house price a 40-minute commute away from Manchester is lb433,320 – meaning that homebuyers pay lb375,114 less for a property. Similarly, houses a 20-minute commute from zones 1 and 2 are lb513,359, saving homebuyers lb295,075.<\/p>\n While the numbers are compelling there are clearly savings to make living outside of the capital, does a longer commute really work out cheaper whenever you element in travel costs?<\/p>\n We’ve estimated the monthly mortgage repayments of the average house prices working in london commuter towns, along with the average monthly season ticket cost. The mortgage repayments derive from an 85% LTV mortgage with 3% interest over 25 years.<\/p>\n Chatham took the very best spot as the cheapest London commuter town. Situated a 60-minute train journey from the capital, the average house price in this region is lb243,068.<\/p>\n Monthly mortgage repayments in our scenario exercise to lb980 along with a monthly season ticket, including a London Travelcard, costs lb462 – bringing the entire monthly outgoing to lb1,442 per month.<\/p>\n While this may be welcome news if you’re prepared to commute out of this area, an important aspect to bear in mind may be the quality and reliability of the trains functioning.<\/p>\n We've also analysed data on commuter rail services over the UK to look for the best and worst train companies.<\/p>\n Southeastern, the primary train line operating at Chatham station, is one kind of one of the worst train lines, only gaining a 39% customer score.<\/p>\n Interestingly, the 2nd cheapest London commuter town is Basildon, merely a 40-minute commute away; suggesting that it’s possible to commute a shorter distance and still pay less for your mortgage and travel expenses.<\/p>\n The table below shows the top 10 cheapest London commuter towns, along with the cost of mortgage repayments and commuting costs.<\/p>\n <\/p>\n Beaconsfield, a 40-minute commute, is the most expensive London commuter town, with the average house price topping lb1m.<\/p>\n In our scenario, monthly mortgage repayments for that average-price property are enormous at lb4,134.<\/p>\n A caveat here. People buying a lb1m-plus home are unlikely to be getting one with just a 15% deposit. However for consistency’s sake, combined with monthly season ticket of lb388, the entire monthly outgoing to buy here's lb4,522.<\/p>\n While Beaconsfield is easily the most expensive position for homebuyers commuting, the primary train line – Chiltern Railways – ranked highly. Customers while using line scored it at 61%.<\/p>\n While you might expect most of the homes in this area to become nearer to Manchester, only one from the towns, Wimbledon, was a 20-minute commute away. The remainder were 40 or 60 minutes from zones one and two.<\/p>\n This again suggests that it’s easy to look for a home having a shorter commute away from the capital, that actually works out less expensive than moving even further away.<\/p>\n The table below shows the ten priciest London commuter towns.<\/p>\n The table below shows the estimated monthly home loan repayments and travel costs for more than 80 London commuter towns.<\/p>\n It also reveals the Which? customer score of each train line.<\/p>\n <\/p>\n One from the drawbacks of leaving the city is the reliability of train lines and residing in areas with the UK's most-disrupted stations.<\/p>\n Our research into the best and worst train companies says Southern Railway, Southeastern, and Thameslink are some of the worst rated.<\/p>\n We want to see a change in the way train companies provide their service. Including communicating better with passengers about their rights to compensation when there are delays.<\/p>\n If you train continues to be delayed or cancelled, be sure you claim delay repay compensation.<\/p>\n You may also report your delays, packed trains and cancelled journeys to help us identify which train information mill treating passengers fairly and which of them are holding you back in the dark.<\/p>\n <\/p>\n As a guide, lenders are allowed to loan as much as four-and-a-half times the total salary of you and also anyone you're buying with.<\/p>\n They also consider a variety of other factors are taken into consideration too, including your creditworthiness, debts you currently owe, average spending and your personal circumstances.<\/p>\n When deciding how much to give loan to you, many lenders will look at your household bills, recent wage slips, and bank statements prior to making a decision.<\/p>\n Some lenders use automated systems, while some manually underwrite the loan – meaning they may be open to considering exceptional circumstances.<\/p>\n <\/p>\n As well as having the ability to afford your home loan repayments, you’ll also need to pay a first deposit, which can be difficult if you’re struggling to save.<\/p>\n First-time buyers will usually have to put down a deposit of 5%-10% of the property value.<\/p>\n As an alternate, 100% mortgages might be appealing as they allow you to purchase a property without having to save up for a deposit.<\/p>\n There are presently two kinds of 100% mortgages in the marketplace – guarantor mortgages and family deposit mortgages – and both will need financial support from your family.<\/p>\n","protected":false},"excerpt":{"rendered":" A 60-minute commute into manchester can save you 60% in your house price – but does living further out always mean you’ll create a saving? Exclusive data provided to Which? Money by Lloyds Bank reveals the least expensive and most expensive London commuter towns, factoring within the cost of commuting. On average, commuters traveling an<\/p>\n","protected":false},"author":1,"featured_media":4838,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[32],"_links":{"self":[{"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/posts\/4841"}],"collection":[{"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/comments?post=4841"}],"version-history":[{"count":0,"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/posts\/4841\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/media\/4838"}],"wp:attachment":[{"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/media?parent=4841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/categories?post=4841"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tdafinance.com\/wp-json\/wp\/v2\/tags?post=4841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Average house prices outside of London<\/h2>\n
Cheapest London commuter towns<\/h2>\n
Most expensive London commuter towns<\/h2>\n
Commuter towns compared<\/h2>\n
Beware of the #trainpain<\/h2>\n
How do lenders calculate mortgage affordability?<\/h2>\n
First-time buyer mortgages<\/h2>\n